Soybeans were higher on commercial and technical buying. Unknown destinations bought 138,000 tons of combined old and new crop U.S. beans and China picked up 120,000 tons of new crop. Out of the purchase by unknown, 18,000 tons is for 2012/13 delivery and 120,000 tons is for 2013/14. Fundamentally, the near term supply remains tight and there are continued shipping delays out of major ports in Brazil, from both rain delaying loading and labor issues. Soybean meal was up on spillover from beans and oil was mixed in consolidation trade.
Corn was mixed on old crop/new crop spread adjustments, with nearbys up on commercial buying and deferreds down on speculative selling. The trade does expect good planting progress on Monday, but there has been rain in some already very wet areas and there’s more in the forecast in some key growing areas. In any event, those numbers are out Monday at 4 PM Eastern/3 PM Central. Ethanol futures were higher. South Korea’s Corn Processing Industry Association bought 45,000 tons of food grade corn from South Africa.
The wheat was lower fund and technical selling. There was no new buying interest for the winter wheat pits, despite domestic and international weather concerns. Losses in Minneapolis were limited by the slow spring planting pace and good demand for high protein wheat. European wheat was lower on recent rainfall in the Black Sea region and Australia. In sell-buy-sell export activity, Japan is tendering for 37,000 tons of food wheat, 2,000 tons of malting barley, and 1,000 tons of food barley.