Soybeans were firm to modestly higher on technical and commercial buying, along with spillover from the outside markets. There’s new, but unconfirmed for now, talk of fresh export demand and the near term supply remains tight. Still, harvest weather looks good with warm temperatures and mostly dry conditions expected into the weekend. Soybean meal was down and bean oil was up on the continued adjustment of product spreads.
Corn hit more than three year lows on fund and technical selling. The trade expects a record crop and production prospects have definitely improved in some areas thanks to the warm, dry autumn weather. Past that – there was just no real fresh news, so contracts will take the past of least resistance over the near term. Ethanol futures were firm. Strategie Grains estimates 2013/14 European Union corn production at 64.9 million tons, up 900,000 from their last guess.
The wheat complex was modestly lower on technical and fund selling, along with spillover from corn. Recent rainfall in the Plains is favorable for hard red winter development, but high winds could create some issues. In any event, hard and soft red winter planting is going well and Russia and Ukraine are expected to see improved weather. The Buenos Aires Grain Exchange projects Argentina’s 2013/14 wheat crop at 10.35 million tons, up 17.6% from 2012/13. Strategie Grains sees 2013/14 European Union soft wheat production at 135.2 million tons, down 300,000 from the prior estimate. Egypt canceled a tender for an unspecified amount of wheat citing high prices, while Algeria bought 500,000 tons of likely French origin wheat.