Soybeans were higher on fund and commercial buying. There was no fresh supportive news but the nearby supply remains tight and demand continues to look strong. Weekly export inspections were bullish and the cash basis remains at historically high levels for this time of year. There’s continued talk of new demand from China, but nothing’s surfaced yet, and the pit’s keeping an eye on shipments out of South America. Soybean meal and oil followed beans higher.
Corn was lower on technical and fund selling, in addition to spillover from wheat and the outside markets. Unknown destinations bought 100,000 tons of U.S. old crop corn Monday but past that, there was no new news. The trade’s basically waiting for the USDA supply and demand estimates on the 8th and prospective planting numbers on the 28th. Ethanol futures were lower.
The wheat complex was lower on technical and fund selling, along with the higher dollar. There was no fresh news for the complex with traders watching U.S. and world weather. At this point, it looks like there’s a generally good weather pattern on tap for the winter crop as it comes out of dormancy. European wheat was lower on spillover from the U.S. trade. Saudi Arabia bought 465,000 tons of hard wheat and 110,000 tons of soft wheat, all optional origin. Australia’s Bureau of Agricultural Resource Economics estimates production at 25 million tons with exports for the current marketing year at 21 million tons.
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