Soybeans were mostly higher with nearbys supported by commercial and fund buying. The fundamentals remain solid with unknown buying 105,000 tons of U.S. 2012/13 beans Wednesday morning. Past that – the trade’s keeping an eye on weather conditions in key growing areas of South America. Soybean meal was mixed, pretty much mirroring soybeans and oil was modestly higher on technical buying. China’s Customs Agency reports soybean imports during September were 4.966 million tons, up 20.36% from a year ago, with U.S. purchases at 1.064 million. Year to date, Beijing has bought 44.303 million tons of soybeans, a 17.69% year to year increase. USDA’s weekly export sales report is out Thursday at 7:30 AM Central. Soybean sales are pegged at 600,000 to 900,000 tons, meal is seen at 150,000 to 250,000 tons, and oil is placed at 15,000 to 25,000 tons.
Corn was mixed with December and March steady to weak on a lack of follow through buying. There was no fresh news but the long term commercial outlook is bullish, especially on the supply side, supporting deferred contracts. In any event, the pit’s watching yield numbers during the tail end of harvest. Ethanol futures were weak. According to China’s Ministry of Customs, corn imports last month were 385,930 tons but the sole reported seller was Lao, supplying 10,475 tons. It’s worth noting the U.S. is not a listed seller. From January through September 2012, Chinese corn imports are 4.111 million tons with listed sellers supplying a scant 51,295 tons of the total. Weekly U.S. corn exports are projected at 150,000 to 375,000 tons.
The wheat complex was higher on technical and commercial buying. Wheat’s keeping an eye on the export market and waiting for more signs of improving demand following Taiwan’s recent purchase. Ukraine’s Ag Ministry officially stated it will suspend sales starting November 15, Russia may not be far behind in an export ban, and, given their crop weather problems, Australia’s exports should be down on the year. European wheat was higher on spillover from Chicago. According to Ukraine’s Ag Ministry, 91% of their grain crop is harvested at 40.1 million tons and Russia’s Ag Ministry reports 98% of grain is harvested at 71.8 million tons. In sell-buy-sell activity, Japan bought 20,000 tons of feed wheat, while tendering for another 120,000 tons of feed wheat and 200,000 tons of feed barley. Weekly U.S. wheat sales are estimated at 250,000 to 450,000 tons.
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