Soybeans were lower on fund and technical selling, in “Turnaround Tuesday” type activity. There are some weather concerns and the condition rating declined over the past week, but the trade continues to expect a big crop. Also, forecasts for the coming week do have a little more precipitation than what we saw on Monday. Demand is solid, with unknown buying 135,000 tons of new crop meal. Soybean meal and oil were lower, following beans.
Corn was lower on fund and technical selling, in addition to spillover from beans. Crop development is just ahead of average and unless the crop deteriorates drastically, we should see above average yields. Corn’s also watching the better chances for rainfall next week. Colombia bought 147,000 tons of new crop U.S. corn. Ethanol futures were lower.
The wheat complex was lower on fund and technical selling, along with the higher dollar. The winter wheat harvest is slightly ahead of the average pace, sending September Chicago to a new contract low, and spring wheat is in good shape overall. Past that – the fundamentals for the complex remain bearish, especially when taking a look at the global picture. Still, there are some world weather concerns, including harvest delays in Europe and dry conditions in parts of Australia. U.S. Wheat Associates, the National Association of Wheat Growers and other groups are calling on USDA to restore grain inspections at the port in Vancouver, Washington. According to Allendale, a major grain company closed its terminal at the port, citing labor disputes and inability to get ships loaded. South Korea’s Major Feedmill Group canceled a tender for 45,000 to 65,000 tons of optional origin feed wheat due to quality concerns.