Soybeans were lower on profit taking and fund selling. There was late support from a bullish shift in the outside markets. There was no fresh demand news and there are concerns about China’s economic issues impacting export demand. In any event, contracts saw continued harvest pressure and planting weather in South America generally looks good. Soybean meal was higher and oil was lower on product spread trade. China’s National Grain and Oils Information Center, via Dow Jones Newswires, expects domestic crush capacity to reach 125 million tons by the end of 2012.

Corn ended the session narrowly mixed. Nearby contracts were up on slow farmer selling, fund buying, and short covering. Deferreds were down on spillover from beans and profit taking. Past that – there was no fresh news with traders watching the harvest and waiting for new demand news. Ethanol futures were mixed. Ukraine’s Ag Ministry reports new crop corn exports since the start of the marketing year, July 1, were 500,000 tons, with Dow Jones Newswires adding President Viktor Yanukovych has not signed a bill passed October 7 that would end export tariffs on corn and wheat.

The wheat complex was mixed. Minneapolis was up on the tight supply of and good demand for high quality, high protein wheat. Kansas City was lower, looking at forecasts for rain in the Southern Plains, and Chicago was narrowly mixed in consolidation trade. European wheat was down early but finished higher, tracking the U.S. gains and keeping an eye on dry conditions in key European growing areas. Dow Jones Newswires reports Canada’s Conservative government has introduced a bill ending the Canadian Wheat Board’s export monopoly allowing farmers sell grains and oilseeds to customers of their choosing by August 1, 2012 while restructuring and selling off parts of the CWB over a five year period. The opposition New Democratic Party says it intends to delay passage of the legislation. Agriculture and Agri-Food Canada expects 2011/12 wheat exports to be above 2010/11 thanks to a bigger crop. Japan issued a tender for 102,652 tons of wheat (52,499 tons Canadian western red spring, 29,360 tons Australian standard white, and 20,793 tons U.S. dark northern spring). The Philippines bought 50,000 tons of optional origin feed wheat. Ukraine’s Ag Ministry, via Dow Jones Newswires, states new crop wheat exports since the start of the marketing year on July 1 were 1.625 million tons out of a total of 3.84 million tons with a year to year slowdown partially attributed to export taxes. The United Kingdom’s Customs Agency reports wheat exports during August were 163,037 tons, roughly 20% less than August 2010.