Soybeans were modestly higher on fund buying, along with spillover from the outside markets. The dollar was lower while the Dow, gold, and crude oil were sharply higher. Overall, the trade’s watching the early harvest and for any signs of new demand ahead of Friday’s quarterly stocks update from USDA. Soybean meal and oil were both up modestly, following beans. Korea Feed Association bought 55,000 tons of optional origin soybean meal.

Corn was modestly higher on fund buying, in addition to the outside market direction. South Korea bought 55,000 tons of U.S. corn along with 55,000 tons of optional origin and the trade expects an increase in demand following recent losses. Still, contracts closed below session highs with the pit getting ready for those USDA numbers. Ethanol futures were higher.

The wheat complex was mostly higher with USDA’s 2011 production numbers out Friday morning. Chicago was up on good feed demand and Kansas City is watching the drought in the Southern Plains, and both had support from the lower dollar. Minneapolis was mixed, mostly weak, seeing profit taking after its recent gains. European wheat was higher on the higher trade in the broader market and Chicago. According to Dow Jones Newswires, Korea Feed Association bought 55,000 tons of optional origin feed wheat, the first “major” purchase by a South Korean feed mill since late June. Ukraine’s Ag Ministry reports 79% of the total expected harvested area has been collected while Kazakhstan’s Ag Ministry also states 79% of their anticipated acreage is harvested. The United Kingdom’s Home Grown Cereals Authority projects 2010/11 wheat exports at 2.66 million tons, up 215,000 from their previous estimate. Australia’s Bureau of Government statistics says wheat stocks as of the end of August were down 14% on the month at 9.8 million tons.