Soybeans were higher on commercial and technical buying. The nearby supply is tight and domestic demand is solid with the cash basis firm at midday on Wednesday. In any event, the trade’s waiting for next week’s quarterly stocks and planted acreage numbers out on the 28th. Informa Economics sees 2013 U.S. soybean acreage at 77.756 million acres, down from their May guess, but larger than USDA’s most recent projection. Soybean meal and oil followed soybeans higher. South Korea’s Major Feedmill Group purchased 60,000 tons of soybean meal from South America. Argentina’s Ag Ministry projects soybean production at 50.2 million tons, down 400,000 from May but still up 25% on the year and potentially their second largest crop on record.
Corn was higher on technical and commercial buying. Development weather’s the big factor right now for corn with more rain in the near term forecast for some key growing areas. Corn’s also waiting for next week’s USDA reports, expecting lower than originally projected planted area. Informa estimates 2013 U.S. corn acreage at 95.262 million acres, compared to USDA’s March guess of 97.282 million acres. Ethanol was mixed with nearbys weak and deferreds firm. According to Argentina’s Ag Ministry, corn production should be a record 26.1 million tons, a little larger than the May estimate and up 23% from 2012.
The wheat complex was higher on technical buying and short covering. Chicago and Kansas City are watching winter harvest activity and Minneapolis is keeping an eye on forecasts for more rain in the Northern Plains. Informa projects 2013 U.S. spring wheat acreage at 11.971 million acres with durum at 1.751 million acres, both down on the year. Japan and Taiwan are tendering for U.S. wheat this week, but want assurance there’s no GMOs in the shipments. There was talk of China needing to buy more wheat and picking up a large amount from France, but no confirmation yet. Dow Jones Newswires reports November European wheat was higher. Ukraine’s Ag Ministry has lowered their grain export estimate to 23 million tons. Ukraine’s next marketing year starts July 1. Jordan bought 100,000 tons of optional origin wheat.