Soybeans were mixed with nearbys lower on profit taking and technical selling. There was no fresh news, the outside markets were mixed, and contracts were due for a correction after the recent gains. However, large portions of Argentina and southern Brazil should see more hot and dry weather over the next several days. What happens with South American weather over the weekend will be the big factor for soybean futures come Monday. Soybean meal and oil were lower on technical selling and profit taking.
Corn was higher on commercial buying and the tight nearby supply. The cash basis was firm over the past week even with an increase in farmer selling. Before the open of Friday’s session, Mexico bought 170,200 tons of 2011/12 U.S. corn and South Korea picked up 110,000 tons of U.S. corn. South American weather concerns were also a continued bullish factor for U.S. corn futures. Still, traders are at least a little wary about pricing corn above demand. Ethanol futures were higher.
The wheat complex was lower on profit taking and technical selling. That said – losses in Minneapolis were limited by comparatively good demand and weather concerns in the Northern Plains. Ahead of the open, unknown destinations bought 133,200 tons of 2011/12 U.S. wheat (70,700 tons hard red winter, 36,100 tons soft white, and 26,400 tons hard red spring) and Japan bought a total of 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). Dow Jones Newswires adds South Korea bought 110,000 tons of optional origin feed wheat and according to DTN, Iraq is tendering for 50,000 tons of optional origin milling wheat while Ethiopia is in the market for 35,000 tons of optional origin milling wheat. European wheat was lower on the firm Euro. Toepfer, via Dow Jones Newswires, notes European wheat is competitively priced against Black Sea origin wheat, with Black Sea area sales slowing down as the supply tightens.
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