Soybeans were mixed on the unwinding of old crop/new crop spreads, pressuring nearbys and supporting deferreds. FSA data shows prevented soybean acreage was 1.687 million acres, which will be included in USDA’s October crop report. All soybean acreage was 74.620 million acres, with failed acreage at 39,654 acres. However, that may not directly lead to a change in the production because August’s report was based on a second acreage survey. Soybean meal was mixed, also on the unwinding of spreads, and bean oil was weak.
Corn was lower on technical and fund selling. Prevented corn acreage was 3.573 million acres, up from the August estimate, but smaller than what some analysts were expecting and it’s uncertain just how much effect it’ll have on USDA’s production guess. Failed acreage was 267,751 acres and all corn planted totaled 91.160 million acres. Additionally, recent rainfall was a bearish factor and there’s continued harvest pressure with reports of some better than anticipated yields. Ethanol futures were mixed.
The wheat complex was mixed, pretty much taking the path of least resistance. Prevented acreage for wheat was 1.977 million acres, above the August projection, and should mean a lower production estimate. All wheat acreage was reported at 50.440 million acres, with failed acreage at 2.709 million acres. 90% of spring wheat is harvested and 12% of winter wheat is planted. Japan’s tendering for 108,901 tons of milling wheat (26,510 tons Canadian western red spring, 21,300 tons U.S. dark northern spring, 21,011 tons U.S. western white, 20,520 tons U.S. hard red winter, and 19,560 tons Australian standard white). Ukraine’s Ag Ministry reports the grain harvest to date is 34.06 million tons, up 21% from this time last year.
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