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Wheat up on talk of new export demand

Soybeans were lower on commercial and fund selling. There was no fresh news for beans and the outside markets were mostly bearish with the Dow and crude oil lower. There are still some delays at ports in Brazil but overall, facilities are starting to clear and Brazil’s record crop is beginning to hit the global market. Soybean meal and oil were lower, following beans. Vietnam bought 10,000 tons of soybean meal from Argentina. USDA’s weekly export sales report is out Thursday at 8:30 AM Eastern/7:30 AM Central. Soybeans are pegged at 300,000 to 625,000 tons, meal is seen at 40,000 to 150,000 tons, and oil is placed at 0 to 15,000 tons.

Corn was modestly higher on oversold signals and spillover from wheat. There was no fresh news for corn either and it was an up and down session with influence from both wheat and beans. In any event, at this point, corn’s waiting for the updated supply and demand numbers out on the 10th. Ethanol futures were higher. According to Dow Jones Newswires, South Korea’s Nonghyup Feed is tendering for 140,000 tons of optional origin corn. Weekly U.S. corn sales are estimated at 175,000 to 450,000 tons.

The wheat complex was higher on speculative and commercial buying, in addition to the lower dollar. There were no new U.S. export sales but with the tight global supply, there is a lot of talk about new demand. Also, there are continued concerns about weather in the Plains and new worries about Europe due to cold temperatures in some key growing areas. European wheat was sharply on those weather concerns. In sell-buy-sell trade, Japan bought 32,320 tons of feed wheat, while tendering for another 120,000 tons of feed wheat and 200,000 tons of feed barley. DTN states Tunisia picked up 42,000 tons of optional origin durum. Weekly U.S. wheat sales are projected at 400,000 to 700,000 tons.

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