Soybeans were mostly lower on profit taking and end of the week consolidation trade. There are continued reports of better than expected yields, but parts of the northern Midwest remain unharvested and recent rain may have damaged quality. China bought 222,000 tons of U.S. beans and unknown picked up 140,000 tons, with both for delivery during the current marketing year. Soybean meal was lower and bean oil was higher on the adjustment of product spreads. USDA released export sales for the week ending September 26 Friday and will continue to release reports that had been missed due to the partial government shutdown. 2013/14 soybeans came out at 860,700 tons, 408,100 of that to China, with another 43,000 sold for 2014/15 delivery to Japan. Old crop bean meal was 10,800 tons and new crop was 317,000 tons, while oil crop soybean oil was 1,500 tons and new crop had a reduction of 1,000 tons. The 2013/14 marketing year for soybean products started October 1. Informa Economics pegs U.S. soybean acreage at 83.9 million acres, up 7 million from 2012.
Corn was lower on technical and fund selling. Corn’s looking at variable yields, but overall, things appear to be a little better than what was feared after the late start to planting and subsequent drought. Supply continues to look ample, but export demand’s been pretty strong over the last couple of weeks. Ethanol was mixed. USDA says corn export sales for the week ending September 26 were 775,200 tons, with Mexico the leading buyer at 271,100 tons, followed by Colombia with 210,300 tons and China at 115,200 tons. Informa Economics estimates 2013 U.S. planted area for corn at 91.7 million acres, down 4.3 million on the year.
The wheat complex was higher on commercial and speculative buying, along with the lower dollar. There’s another chance of a freeze in Argentina very soon and recent rainfall has delayed winter planting here in the States. Also, export demand looks good with South Korea buying 23,000 tons of U.S. wheat Friday. Israel bought 25,000 tons of feed wheat and Tunisia is tendering for 92,000 tons of milling wheat and 67,000 tons of durum. USDA reports wheat sales for the week ending September 26 were 837,800 tons, mainly to unknown destinations (124,600 tons), Guatemala (112,600 tons), and Taiwan (92,400 tons). Russia’s Ag Ministry reports winter grain planting is 73.9% complete, while Kazakhstan’s Ag Ministry states spring/summer harvest is 96.1% complete at 20.055 million tons. According to Informa Economics, 2013 U.S. acreage for all types of wheat was 57.7 million acres, 1.6 million more than a year ago.
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