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Expectations for improved weather pressures soybeans
Soybeans were lower on profit taking and technical selling. There was no real fresh news and the trade’s watching forecasts for improved weather in parts of the Midwest. Still, the fundamentals remain solid and some damage has been done to the crop. Soybean meal and oil were down, following beans, but losses in oil were limited by the sharply higher activity in crude oil. Taiwan’s Breakfast Soybean Procurement Association bought 58,000 tons of U.S. soybeans for shipment during mid-to-late October.
Corn was lower on profit taking and technical selling. With no fresh news, the trade’s waiting for updated supply, demand, and production estimates Friday. Between early planting and drought conditions, harvest is coming up faster than average in some parts of the Midwest. Ethanol futures were mixed. South Korea’s Nonghyup Feed Inc. passed on a 70,000 ton tender for U.S. corn because of high prices. The Buenos Aires Grain Exchange lowered its planted area outlook for Argentina by 20%, expecting most of that to go to soybeans.
The wheat complex was mixed. Chicago was down following corn, Kansas City was mostly firm on concerns about weather in the Southern Plains, and Minneapolis was lower on harvest pressure. That said – traders continue to watch world weather conditions and the impact on crop production. Also, the complex is concerned about drought around key U.S. winter growing areas. European wheat was modestly higher on talk of reduced Russian exports. South Korea’s Nonghyup Feed Inc. bought 55,000 tons of feed wheat from India and Japan is tendering for 106,530 tons of milling wheat (31,310 tons U.S. hard red winter, 29,760 tons U.S. dark northern spring, 25,955 tons Australian standard white, and 19,505 tons U.S. western white). In sell-buy-sell activity, Tokyo picked up 198 tons of food wheat out of an initial tender for 13,000 tons.
2012-08-07 17:10:07
Source: http://brownfieldagnews.com/2012/08/07/expectations-for-improved-weather-pressures-soybeans/
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