Soybeans were higher on commercial and technical buying. The near term supply remains tight, there’s plenty of commercial interest, and China continues to be very interested in beans. That said – farmer selling has increased, allowing new crop to out gain old crop, and the trade expects large domestic and world crops. Soybean meal and oil were higher, following beans. Agriculture and Agri-Food Canada sees 2013/14 soybean production at 4.465 million tons and projects canola at 14.100 million tons. USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central. Soybeans are pegged at 400,000 to 800,000 tons, meal is seen at 100,000 to 225,000 tons, and oil is placed at 0 to 15,000 tons.
Corn was higher on technical and commercial buying. China bought 360,000 tons of corn and unknown destinations picked up 180,000 tons, both U.S. origin for new crop delivery. Also, even if there was a record week to week increase in planting, there are a lot of concerns about the slow emergence. According to Agriculture and Agri-Food Canada, 2013/14 domestic corn production should be up on the year at 13.800 million tons. Weekly U.S. corn export sales are expected to be between 200,000 and 500,000 tons. Ethanol futures were higher.
The wheat complex was mostly higher on speculative and technical buying. There’s some rain in the forecast for the hard red winter crop, but the longer term outlooks show more hot and dry weather on the way. Minneapolis was mostly firm as spring planting remains behind average and emergence is also slower than normal. European wheat was sharply higher on worries about weather in the U.S. and Black Sea region. Tunisia tendered for 67,000 tons of milling wheat and Algeria is in the market for 50,000 tons of milling wheat. Agriculture and Agri-Food Canada projects 2013/14 all wheat production at 29.400 million tons, with the durum crop at 4.900 million tons. Weekly U.S. wheat sales are estimated at 400,000 to 700,000 tons.