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Grains, oilseeds lower ahead of USDA numbers

Soybeans were lower on fund and technical selling. China and unknown destinations both bought U.S. beans and the weekly export numbers were bullish. Beijing picked up 118,000 tons of 2014/15, while that unnamed buyer purchased 60,000 tons of 2013/14 and 66,000 tons of 2014/15. However, weather looks good and Friday’s supply and demand report should be bearish. Soybean meal was down and bean oil was up, adjusting product spreads. Oil had additional support from a larger than expected drop in Malaysian palm oil stocks. China reports June soybean imports were 6.39 million tons.

Corn was lower on fund and technical selling. Corn’s watching that generally favorable weather around the Midwest, while also squaring up ahead of Friday’s USDA report. On average, the trade expects at least some increase in the production estimate, along with larger old and new crop ending stocks. The report is out at Noon Eastern/11 AM Central. Weekly export numbers were bullish, but were ignored. Ethanol futures were lower.

The wheat complex was lower on fund and technical selling. There’s more harvest delaying rain in the Plains, but that is recharging soil moisture. Weekly export numbers were bearish, even with the recent drop in price. After tendering for U.S. wheat, Egypt bought 240,000 tons of wheat from Romania, with DTN noting no U.S. offers were reported. Japan did purchase 88,200 tons of U.S. milling wheat, along with 21,100 tons from Canada, and Jordan picked up 100,000 tons of optional origin hard milling wheat.

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