Soybeans were higher on speculative and commercial buying. The trade was getting ready for a three day weekend and USDA supply and demand estimates out on the 10th. On average, analysts expect ending stocks to be down on the month but up on the year, along with smaller South American production estimates. There was no real fresh news but weekly export numbers were good and crude oil was up sharply recovering some of the recent losses. Soybean meal and oil were up, following the lead of beans.
Corn was higher on spillover from beans and pre-weekend position squaring. Weekly export numbers were slightly bullish and corn was also getting set up for the holiday and Tuesday’s USDA reports. Ahead of the numbers, analysts see ending stocks below last month and last year, in addition to lower production estimates for Argentina and Brazil. Past that – corn is concerned about the potential for frost in parts of the Midwest in the coming days. Ethanol futures were higher.
The wheat complex was mostly lower on profit taking, technical selling, and pre-weekend position squaring. Ahead of the open, unknown destinations purchased 138,900 tons of new crop U.S. wheat (68,050 tons hard red winter, 40,000 tons soft white, 28,450 tons hard red spring, and 2,400 tons durum) and Taiwan bought 41,700 tons of U.S. milling wheat, and during the session, Egypt picked up 115,000 tons of U.S. soft red winter. DTN adds USDA’s Commodity Credit Corporation bought 39,100 tons of hard red winter wheat for Mozambique and South Korea purchased 130,000 tons of optional origin feed wheat. Wheat’s also keeping an eye on development weather for the winter crop and planting conditions for spring wheat. European wheat was higher on the lower Euro and weather uncertainties in France and Spain.© Copyright 2012 Brownfield, All rights Reserved. Written For: Brownfield