Soybeans were mixed with nearbys up on harvest delays and the tight near term supply. Deferreds were down on end-of-the-week profit taking, in addition to old crop/new crop spread trade and outside market direction. The dollar was higher while the Dow Jones Industrial Average and crude oil were lower. There are still a lot of concerns of about the slow harvest pace with more rain expected by mid-week next week, but deferreds were due for a small correction. Soybean meal was higher on the tight supply while soybean oil was down on spillover from crude oil.
Corn was lower on technical selling, profit taking and outside market direction. Corn is also keeping close watch on the recent harvest delays and forecasts for more rain in the coming week. However, that was not enough to break the profit taking interest and outside market direction which pushed December under the psychologically significant $4 mark. Still, that $4 does end up leading to a fair amount of wariness about demand. Ethanol contracts were mixed.
The wheat complex end the day mixed after spending most of the day higher on short covering and domestic and international crop concerns. Chicago was uneven on profit taking and concerns over the slow planting pace for soft red winter. Kansas City was down on profit taking, the relatively good hard red winter planting pace and the higher dollar index. Minneapolis was modestly higher on short covering and the comparatively strong demand for hard red spring. European wheat hit new three month highs on consumer demand; November Paris was up .4% and November London was 1.9% higher. National Australia Bank pegs the 2009/10 Aussie wheat crop at 23 million tons, up 500,000 from the September estimate and 1.6 million tons more than 2008/09.
Latest: 
