Soybeans were higher on commercial and speculative buying, along with spillover from the outside markets. The dollar was lower and the Dow was up; crude oil was up and down, eventually closing modestly lower. Ahead of the open, China bought more than 100,000 tons of 2012/13 U.S. beans and the trade continues to watch weather in South America. The Buenos Aires Grain Exchange reports 91.7% of the Argentina crop has been planted. Soybean meal and oil were higher on spillover from beans and the fundamental implications of significant South American crop loss. USDA’s weekly export sales report is out Friday at 7:30 AM Central. Soybeans are pegged at 500,000 to 900,000 tons, soybean meal is seen at 50,000 to 150,000 tons, and oil is placed at 0 to 15,000 tons.
Corn was higher on speculative and commercial buying, in addition to spillover from beans and the outside markets. Mexico bought 154,700 tons of U.S. corn and South Korea picked up at least 110,000 tons for delivery this marketing year. Damage has been done to the South American corn crop now the question is just how much damage. According to the Buenos Aires Grain Exchange, farmers were able to get back in the fields this week with 91.4% of the Argentine corn crop planted. Ethanol futures were higher. The International Grains Council sees 2011/12 global corn production at 860.8 million tons with U.S. and South American crop loss offset by bigger crops in China and Ukraine, along with a record E.U. crop. Weekly U.S. corn sales are estimated at 500,000 to 850,000 tons.
The wheat complex was mostly higher on technical buying, the lower dollar, and short covering. Japan bought more than 80,000 tons of U.S. wheat along with lesser amounts from Australia and Canada; the total was 185,275 tons (58,807 tons Canadian western red spring, 50,295 tons U.S. hard red winter, 42,875 tons Australian standard white, and 33,298 tons U.S. western white). However, the overall fundamentals remain bearish, especially on the global supply side of the balance sheet. European wheat was higher on the South American weather woes. Strategie Grains notes European wheat exports have regained some market share from Argentine and Black Sea origin wheat. Jordan issued a tender for 100,000 tons of hard red winter wheat from the U.S. or other origins and DTN reports Libya picked up 50,000 tons of milling wheat from Russia. The International Grains Council pegs 2011/12 world wheat production at a record 689.8 million tons. Weekly U.S. wheat sales are projected at 350,000 to 600,000 tons.
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