Soybeans were mostly lower on profit taking and light speculative selling. There’s been some rain in Argentina and Brazil with more on the way later this week for many of the drier growing areas. Still, the crops aren’t completely out of the woods at this point. Also, there was no fresh supportive news and not much spillover from corn and wheat. Soybean meal was lower on profit taking and bean oil was up on the bounce in beans. USDA’s weekly export sales report is out Thursday at 7:30 AM Central. Soybeans are placed at 720,000 to 1.1 million tons, bean meal is seen at 100,000 to 200,000 tons, and oil is pegged at 0 to 15,000 tons.
Corn was higher on commercial buying and spillover from the outside markets, which rallied after the Federal Open Market Committee stated interest rates would stay low until the end of 2014. The trade’s looking at continued good export and domestic demand with Thursday’s weekly export sales expected to be solid. Farmer selling has increased but the cash basis has been firm, reflecting the tight near term supply. Ethanol futures were higher. Weekly U.S. corn exports are expected to be between 600,000 and 1 million tons.
The wheat complex was higher on short covering, speculative buying, and the lower dollar. According to USDA’s attaché in Moscow, Russia’s exports are moving faster than expected and Dow Jones Newswires adds there could be an export tax in the next couple of months to limit demand. Additionally, there are concerns about weather conditions in some of the key U.S. growing areas. European wheat was higher on expectations for an export tariff in Russia and possibly Argentina. Ukrainian firm APK-Inform, via Dow Jones Newswires, lowered its export outlook by a half million tons to 5.5 million tons. Japan issued a tender for 150,191 tons of wheat (52,928 tons U.S. dark northern spring, 50,490 tons Australian standard white, and 46,773 tons Canadian western red spring) along with a sell-buy-sell tender for 100,000 tons of feed wheat and 200,000 tons of feed barley. Weekly U.S. sales are estimated at 450,000 to 750,000 tons.
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