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Wheat, corn see commercial demand

Soybeans were mixed, with September and November up on commercial demand and the other months down. The trade’s watching the weather and while the trade is expecting a record crop, there are weather concerns in some areas. Export sales look neutral, with a net cancellation on old crop and a strong week for new crop. According to Statistics Canada, canola production should be 13.908 million tons, below what analysts had been expecting and down on the year. Soybean meal was up and bean oil was down on the adjustment of product spreads.

Corn was higher on commercial and technical buying. Weekly export sales were good, but it was another slow week for the shipments. Corn’s also watching the weather, with more rain in the forecast for parts of the Midwest. Ethanol futures were higher. Statistics Canada projects corn production at 11.4 million tons, a 19.5% decline on the year, and the lowest since 2011. The Buenos Aires Grain Exchange expects a 10% year to year decline in Argentina’s planted area.

The wheat complex was higher on commercial and technical buying. Weekly wheat numbers also look pretty much neutral, with a slow week for sales and a good week for shipments. Statistics Canada estimates all-wheat production at 27.704 million tons, down 26% on the year, with durum at 4.953 million tons. Japan bought 146,900 tons of food wheat (89,800 tons U.S., 26,700 tons Canadian, and 30,400 tons Australian). Jordan picked up 100,000 tons of optional origin hard milling wheat.