Soybeans were higher on speculative and technical buying, along with spillover from the outside markets. Gold hit a new record high, the dollar hit its lowest level since August of 2008 while the Dow and crude oil were sharply higher. Demand remains strong and export inspections were above what’s needed weekly to meet projections for the marketing year. The USDA reports 89% of the crop is harvested, compared to the five year average of 96%. Soybean meal and oil were higher, following the lead of beans, with bean oil hitting a new five month high. The National Oilseed Processors Association’s October crush came out at 155.362 billion bushels, compared to the average guess of 139.1 million and the September 2009 total of 107.379 million thanks to new crop beans hitting the market. Bean oil stocks were pegged at 2.286 billion pounds, compared to the average pre-report estimate of 2.248 billion and the September total of 2.261 billion.
Corn was higher on fund and technical buying, in addition to spillover from wheat, beans and the outside markets. Forecasts show more precipitation and cold temperatures across the Midwest during the first half of this week, further delaying harvest and keeping moisture content high. According to the USDA, as of Sunday 54% of corn has been harvested, compared to 89% on average with 67% of the crop in good to excellent condition, down 1% from a week ago. There’s more rain, cold temperatures and even some snow in the forecasts for next week. Ethanol futures were higher.
The wheat complex was higher on fund buying, short covering and the lower dollar. When the dollar’s down, wheat tends to move up and vice versa but the supply and demand fundamentals remain negative. The Ag Department states that 90% of winter wheat has been planted, compared to 95% on average and 77% has emerged, compared to 87% on average with 64% of the crop in good to excellent shape, up 1% from last week. European wheat was higher on outside market influence; January Paris was up 1.1% and May London was .9% higher. According to the Rosario Grain Exchange, recent rain has helped Argentina’s wheat crop, but there are still a number of much drier than normal areas.
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