Soybeans were modestly lower on profit taking and technical selling. However, weekly export inspections were near the low end of estimates due to continued harvest delays which are expected to continue over the next several days. According to the USDA, 89% of beans are dropping leaves, compared to 95% for five year average with 23% harvested as of Sunday, compared to 57% on average and 65% of the crop in good to excellent condition, down 2% from last week. Soybean meal was mixed with nearbys up on the tight supply. Soybean oil was lower on profit taking and the comparatively large available supply. The NOPA September crush report is out Wednesday at 7:30 AM Central. The crush is pegged at 110 million to 116.3 million bushels, down from last month and last year on that tight supply.
Corn was mixed, mostly firm, on consolidation and spillover from wheat. Corn of course is also keeping close watch on the wet and cold weather in many areas of the Midwest. USDA reports that 74% of corn is mature, compared to 92% on average and 13% is harvested, compared to 35% on average. 70% of corn is in good to excellent shape, unchanged from a week ago. Ethanol futures were mixed.
The wheat complex was higher on short covering and the lower dollar. Also, winter wheat planting continues to move slower than average in large portions of the soft red winter region. 64% of this year’s winter wheat crop is planted with most of that progress in the hard red winter region, compared to 69% on average and 39% has emerged, compared to 40% on average. European wheat was mixed on the negative fundamentals and short covering; November Paris was up .4% and November London was 1.4% higher. The Department of Primary Industries in Australia’s New South Wales pegs wheat production in that state at 4.0 million to 4.5 million tons with Australia’s Bureau of Meteorology stating that El Nino signals are weakening.
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