Soybeans were mostly firm on commercial and technical buying. The nearby supply remains tight and the weekly export numbers were bullish, coming at more than a million tons, with China buying another 115,000 tons of new crop Thursday morning. However, the cash basis has been down over the past few days due to increased farmer selling and planting conditions look good thanks to improved moisture levels. Soybean meal was mostly firm on commercial demand and bean oil was slightly higher on the overall tone of the soybean complex.
Corn was up modestly on commercial and technical buying. Even with more rain in the forecast for some areas of the Cornbelt, the prospects for this year’s crop have improved greatly in the last few days. In any event, near term supplies remain tight and the cash basis remains at historically high levels for this time of year. Ethanol futures were mostly firm, the exceptions being nearby June and July. Strategie Grains projects 2013/14 corn production for current European Union members at 64.5 million tons, down 100,000 from their most recent projection. Croatia joins the European Union in July.
The wheat complex was higher on short covering and technical buying. There’s some rain in the forecast for parts of the hard red winter region, but a lot more is needed across most of the area. Spring wheat planting and emergence remain slower than normal with more rain expected in North Dakota this weekend. European wheat was modestly higher on world weather concerns but gains were limited by higher trade in the euro. Strategie Grains estimates 2013/14 soft wheat production for the 27 current European Union nations at 129.8 million tons, down 200,000 from the last guess on smaller acreage in Germany and France; with Croatia, the estimate is 130.9 million tons. Algeria purchased 400,000 tons of optional origin milling wheat after tendering for 50,000 tons. Japan picked up 122,222 tons of milling wheat (31,955 tons Australian standard white, 25,261 tons U.S. western white, 22,396 tons U.S. dark northern spring, 22,370 tons Canadian western red spring, and 20,240 tons U.S. hard red winter), while in sell-buy-sell activity, Tokyo bought 24,700 tons of feed wheat and tendered for another 120,000 tons.