Soybeans were mixed as traders get ready for Thursday’s USDA numbers. The condition rating declined last week and development remains slower than average, but the trade expects better rainfall and cooler temperatures soon. Updated supply, demand, and production numbers are due out from USDA Thursday, September 12 at Noon Eastern/11 AM Central. Unknown destinations bought 121,000 tons of new crop U.S. beans. Soybean meal was mixed and oil was modestly lower, watching beans and waiting for those USDA numbers.
Corn was mostly higher on short covering. September was the exception as traders get ready for the expiration Friday. There’s definitely been some damage to the crop, the question is just how much and even then, we won’t know the full extent for a while. In any event, there won’t be an adjustment to acreage numbers until October after the FSA data is reconciled with surveys. Ethanol futures were higher.
The wheat complex was higher on short covering. The complex has been in a downtrend as of late, so contracts were due for a bounce and even with a large world crop in the works, there’s increased export demand. Additionally, large portions of the hard red winter region remain locked in a drought ahead of widespread planting and there are concerns about dry weather in the soft red winter region. Japan’s tendering for 113,572 tons of milling wheat (47,403 tons Canadian western red spring, 25,350 tons Australian standard white, 21,524 tons U.S. dark northern spring, and 19,295 tons U.S. hard red winter) and Egypt’s in the market for 55,000 to 60,000 tons of wheat, while Oman bought 30,000 tons of wheat from Russia. Russia’s Federal Statistics Service reports exports since the start of the marketing year July 1 are 6.417 million tons, up 20% from the same period a year ago. New crop European wheat was firm.
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