More losses for soybeans, corn

Soybeans were lower on fund and commercial selling. Even with a 1% decline, the crop is in extremely solid shape at 73% good to excellent, with 83% emerged. There are some areas with excessive moisture, but it’s not much of a concern yet. Soybean meal was down and bean oil was up on the adjustment of product spreads. Volume at China’s state soybean auction dropped dramatically from last week, down to 72,852 tons out of 358,558 tons offered. Reuters cites quality concerns with most of the supply from 2011. Reuters adds drought in Brazil’s state of Sao Paulo has closed barge traffic on parts of the critical Tiete-Parana waterway.

Corn was lower on fund and commercial selling. 76% of corn is rated good to excellent, up 1% on the week, and 97% has emerged, slightly ahead of average.  There’s a chance for reduced acreage in USDA’s update on the 30th, but yields are expected to be strong. Ethanol futures were lower. Mexico purchased 134,500 tons of 2014/15 U.S. corn.

The wheat complex was higher on short covering and technical buying. U.S. spring wheat’s in 72% good to excellent condition and world crops also look very good. The winter harvest is running a little behind normal at 16%, with generally poor yields in the Southern Plains. Australia’s Bureau of Meteorology is keeping an eye on El Nino chances, maintaining a 70% likelihood, but noting some signs of the pattern are easing. Iran bought 55,000 tons of wheat from Russia.

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