Soybeans hit new one week highs on technical and speculative buying, along with spillover from the outside markets. Crude oil was lower, but the dollar was down and the Dow and gold were higher. Demand remains strong with export inspections bigger than what’s needed weekly to meet USDA projections. China’s still in the market for more beans but is also talking about selling supplies from state reserves, which limited gains. Bean meal and oil were higher, following the lead of beans. Product spread trade gave meal additional support while limiting oil’s advances. The Argentine Ag Ministry reports that as of December 10, 76% of the soybean crop was planted. The November U.S. crush numbers from National Association of Oilseed Processors members showed crush at 160.259 million bushels, above expectations and up from both October 2009 and November 2008.
Corn was higher on technical buying and spillover from beans. Most contracts have turned what had been resistance into support after the recent rally. Also, at this point, it looks like traders are trying to buy 2010 acreage. The USDA reports 92% of corn is harvested, compared to 88% a week ago. Due to the delays for this year’s harvest, USDA reports will go through at least December 21. Ethanol futures were lower. Argentina’s Ag Ministry states that 76% of corn has been planted. Unknown destinations bought 116,000 tons of 2009/10 U.S. corn.
The wheat complex was higher on the lower dollar, short covering and spillover from beans. When the dollar goes down, wheat does tend to move up. Past that, the fundamentals remain negative with a large supply and not much new demand. European wheat was mixed on spillover from U.S. trade against the negative global fundamentals; January Paris was up .4% and May London was .7% higher. According to Argentina’s Ag Ministry, 31% of that nation’s wheat crop has been harvested with yields varying widely depending on rainfall during the season. Dow Jones Newswires reports European wheat traders are concerned new purchasing rules from Egypt could drive up price. Egypt’s General Authority of Supply Commodities now requires a minimum shipment size of 60,000 tons and has put in place a one-load port rule.
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