Soybeans were modestly higher on short covering and outside market direction. The dollar was lower while the Dow and crude oil were higher in response to Greece’s vote on an austerity package. Analysts’ expectations are for neutral to bearish planted area and quarterly stocks Thursday morning but there’s still a fair amount of uncertainty about how the numbers shake out and in any event, there’s a long way to go for this year’s crop. Ahead of the open, China switched 120,000 tons of old crop beans from optional origin to U.S. origin. Soybean meal was mostly weak and soybean oil was up ahead of the numbers. Argentina’s government expects grain production to hit 146.8 million tons by 2020, up 44% from the 2011 record, with 46% of the 2020 total soybeans. Weekly U.S. export sales are out at 7:30 AM Central Thursday. Old crop beans are seen at -400,000 to -200,000 tons with new crop at 400,000 to 750,000 tons, while soybean meal is placed at 50,000 to 125,000 tons and oil is pegged at 5,000 to 15,000 tons.

Corn was mixed ahead of the Ag Department reports. Contracts were up for a big chunk of the session but didn’t see much follow through despite bullish expectations and strong outside markets. The trade expects USDA to lower its planted area guess following delayed planting and widespread flooding. Also, quarterly stocks are expected to be down on the quarter and year thanks to strong feed and fuel use. Ethanol futures were mostly higher. According to Dow Jones Newswires, China has picked up “at least” 1.7 million tons of U.S. corn over the past four months, including 700,000 tons over the past couple of weeks, and China’s National Grain and Oils Information center states Beijing’s import taxes on DDGs may be lower than expected. Weekly old crop corn export sales are estimated at 300,000 to 750,000 tons and new crop is projected at 250,000 to 450,000 tons.

The wheat complex was mostly higher with Minneapolis leading the way up on speculative buying and the lower dollar. There should be a pretty significant cut to spring and durum acreage due to planting delays and flooding. Quarterly stocks are seen as down on both the quarter and the year following the recent increase in export demand. Unknown destinations bought 120,000 tons of 2011/12 U.S. soft red winter and Dow Jones Newswires reports South Korea picked up 220,000 tons of optional origin feed wheat. European wheat was up sharply following Greece’s positive vote on austerity measures. In a sell-buy-sell purchase, Japan picked up 12,000 tons of feed wheat and 95,400 tons of feed barley with shipment to occur by September 30 and Tokyo issued another sell-buy-sell tender for 50,000 tons of feed wheat and 200,000 tons of feed barley for shipment by October 31. Weekly U.S. wheat sales are expected to be between 400,000 and 900,000 tons.