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Rain sends soybeans sharply lower
Soybeans were sharply lower on speculative selling and profit taking, with new crop selling off further than old crop. There’s been some rain in the Midwest over the past few days with more potentially on the way. There’s been some damage done but a change in the weather will definitely benefit soybeans more than it would help out corn at this current time. Soybean meal and oil were lower, following beans. The International Grains Council decreased the 2012/13 U.S. soybean production guess 8.3 million tons to 79 million and while the global estimate was raised 9%, it notes that’s connected to a rebound in South American production.
Corn was lower on fund and technical selling, along with spillover from beans. The cash basis is down recently, low water levels are limiting barge movement, and with the recent surge in price, old and new crop exports were both net reductions. That said – again, the rain probably won’t do all that much good for corn at this point. The International Grains Council lowered its 2012/13 corn estimate by 53 million tons to 864 million with the U.S. projection decreased 50 million to 300 million tons.
The wheat complex was lower on technical selling and spillover from corn and soybeans. The spring wheat harvest in the Northern Plains has been delayed slightly by this weather event and weekly export numbers were bearish. However, the complex continues to keep an eye on world crop problems, which, along with the dollar, limited losses. The Wheat Quality Council’s annual crop tour pegs North Dakota’s spring wheat crop at 44.9 bushels per acre, compared to last year’s estimate of 41.5 bushels per acre. European wheat was down on the losses in Chicago and rain around the Midwest. According to Dow Jones Newswires, Indonesia rejected 30,000 tons of wheat from India but then purchased the shipment after New Delhi discounted the price. South Korea’s Nonghyup Feed Inc. passed on a mixed feed tender of wheat, corn, and sorghum, citing high prices. Iraq did buy 150,000 tons of wheat from Russia.
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