Soybeans were mixed in consolidation trade. Nearbys saw spillover pressure from wheat along with technical selling while far off deferreds found support in the bullish long term fundamental forecast. The trade was watching the remnants of Isaac move across the Midwest, keeping an eye on flooding in some areas and gentle rain in others. Past that – there was no fresh fundamental news but the overall outlook remains bullish. Soybean meal was mixed, mirroring beans, and bean oil was weak on the adjustment of product spreads. China’s National Grain and Oils Information Center reports Beijing sold 401,419 tons of soybeans domestically at auction, the highest since the series of sales started in 2009.
Corn was lower on profit taking and technical selling, along with spillover from wheat. However, recent rainfall is largely too little too late to all that help much and will further damage the crop in some areas. The long term commercial outlook remains bullish, the trade’s trying to ration demand, and outsides were supportive. Ethanol futures were lower. According to Dow Jones Newswires, Japan is delaying fourth quarter corn imports due to high prices and is expected to increase purchases from Brazil and Ukraine at the expense of U.S. market share. Vietnam bought around 100,000 tons of corn from India.
The wheat complex was lower on profit taking and technical selling. There was no fresh news for the complex and Russia has denied any plans to outright ban wheat exports. Also, with harvest over, dry soft red winter areas are getting some much needed rainfall ahead of planting, adding extra pressure to Chicago. European wheat was lower on Moscow’s statement that it “won’t consider” restricting wheat exports. India’s in the market for 35,000 tons of feed wheat, Bangladesh tendered for 50,000 tons of optional origin wheat, and Taiwan is looking for 55,200 tons of U.S. wheat.