Soybeans were fractionally to modestly lower on late profit taking and technical selling. There was no fresh news and beans are continuing to watch harvest activity at home, along with planting around South America. Past that – the near term supply remains tight and demand continues to look strong, from both the domestic and export sides of the market, which supported contracts for most of the session. Soybean meal was up and bean oil was down on product spread adjustments. USDA released export sales for the week ending October 3 with 2013/14 soybeans at 929,800 tons, China bought 242,300 tons of the total and unknown picked up 122,400 tons, and 2014/15 beans at 18,000 tons, mostly to Morocco.
Corn was weak on profit taking and technical selling. Corn’s also watching harvest activity with a lot of crop left in the fields and generally better than expected anecdotal yields. Still, there are some harvest delays and Mexico bought 210,000 tons of 2014/15 U.S. corn. Ethanol was firm. USDA’s export report for the week ending October 3 put corn sales at 1,341,400 tons, mainly to unknown destinations (428,100 tons), China (230,600 tons), and Japan (179,300 tons). Export sales for the weeks ending October 10, 17, and 24 will be released Thursday, October 31.
The wheat complex was lower on technical selling and profit taking. Export demand remains solid, especially for the types traded in Kansas City and Minneapolis, and the trade’s keeping an eye on the potential freeze in Argentina. Also, traders are watching planting around the Black Sea region, with Russia’s Ag Ministry reporting 81.9% of that nation’s winter grains are planted. According to Reuters, India’s cabinet is considering lowering their price floor on wheat exports to stimulate demand. India currently has 280,000 tons of wheat up for offer until November 15. Iraq bought 100,000 tons of Australian wheat and the Philippines picked up 45,000 tons of wheat from Ukraine. USDA reports U.S. wheat sales for the week ending October 3 were 653,600 tons, down 22% from the previous week and 3% lower than the four week average, with Brazil buying 192,500 tons, South Korea picking up 173,600 tons, and Nigeria purchasing 101,500 tons.
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