Soybeans were mixed on profit taking, consolidation and a lack of follow through buying. The outside markets and demand propped up beans initially. The dollar was down, crude oil was firm, the Dow was higher and gold hit another new record high. On the demand side, weekly export inspections were more than what’s needed weekly to meet USDA projections for the marketing year. The USDA reports that as of Sunday, 94% of soybeans have been harvested compared to 97% for the five year average. Soybean meal was mixed on the uneven tone in beans and oil was lower on product spread adjustments. China’s General Administration of Customs reports that during October, soybean imports hit 2.52 million tons, up 18% from October 2008.
Corn was lower on profit taking, harvest pressure and technical selling. Fundamentals are negative with a large available supply and neutral, at best, demand. Even with the recent peel back, there are a lot of concerns over demand at current price levels. According to the USDA, 68% of this year’s corn crop is harvested, compared to 94% on average.
The wheat complex was lower on technical selling and profit taking. Contracts were higher early on the lower dollar, but couldn’t follow through due to the bearish supply and demand fundamentals. The USDA states 93% of winter wheat has been planted, compared to 97% on average with 84% emerged, compared to 90% on average and 64% of the crop in good to excellent condition, unchanged from last week. European wheat was higher on outside market direction; January Paris was up .9% and May London was 1.1% higher. Australia’s Bureau of Statistics states that as of October 31, wheat stocks were 3.72 million tons, up almost 9% from the end of September.
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