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Grains, oilseeds up, getting ready for USDA numbers
Soybeans were higher as traders get ready for Friday’s USDA numbers. The trade expects smaller production and yield estimates against tighter old and new crop stocks, and unknown bought 140,000 tons of new crop beans. Still, there was some pressure in the deferreds from forecasts for rain in dry areas of the Midwest. Soybean meal and oil were higher on spillover from beans. The Taiwan Sugar Corporation bought 12,000 tons of U.S. soybeans. USDA’s weekly export sales report is out Thursday at 7:30 AM Central. Soybeans are pegged at 200,000 to 450,000 tons, meal is seen at 150,000 to 250,000 tons, and oil is placed at 10,000 to 50,000 tons.
Corn was higher ahead of Friday’s USDA reports. It’s safe to say we’ll see a reduction in yield and production, the question is just how big of a reduction and there’s a chance USDA will be less aggressive than last month. Analysts expect a slight increase in old crop stocks against a big cut in new crop. Ethanol futures were higher. The Taiwan Sugar Corporation picked up 23,000 tons of U.S. corn. Weekly U.S. corn exports are expected to be between 1 million and 2 million tons.
The wheat complex was mostly higher on spillover from corn and beans along with pre-report position squaring. The trade sees a very small reduction in the winter crop estimate and an increase in ending stocks. While it doesn’t look like Russia will place outright restrictions export sales, there are worries about China’s crop and South Korea bought more wheat Tuesday; DTN reports two South Korean feed groups bought a total of 165,000 tons of feed wheat. European wheat was firm ahead of the USDA numbers. Algeria picked up 225,000 tons of optional origin wheat. Weekly U.S. wheat sales are estimated at 400,000 to 675,000 tons.
2012-08-08 14:42:30
Source: http://brownfieldagnews.com/2012/08/08/grains-oilseeds-up-getting-ready-for-usda-numbers/
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