(Brownfield) – Soybeans were lower on profit taking and fund selling, along with spillover from corn and wheat. There was no fresh supportive news and the trade is getting ready for Friday’s USDA numbers. The trade expects a tighter U.S. balance sheet along with lower production estimates for South America. Soybean meal and oil were lower following beans and getting ready for those USDA figures. DTN reports Iran has issued an international tender for 100,000 tons of soybean meal. USDA’s weekly export sales report is out Thursday at 7:30 AM Central. Soybeans are placed at 600,000 to 900,000 tons, meal is seen at 50,000 to 125,000 tons, and oil is pegged at 5,000 to 25,000 tons.
Corn was lower on fund selling and profit taking. Corn was also looking at a lack of fresh news and getting squaring up for the supply and demand estimates. U.S. ending stocks and South American production estimates should all be down from last month. Ethanol futures were lower. China’s Sinograin, via Dow Jones Newswires, states Beijing will, “if needed and profitable”, import corn this year. According to DTN, Iran is tendering for 100,000 tons of optional origin corn. Weekly U.S. corn sales are expected to be between 500,000 and 750,000 tons.
The wheat complex was lower on profit taking and fund selling. There was also no new supportive news for wheat and the complex is getting prepared for the USDA report. U.S. ending stocks should be a little smaller but the overall fundamental picture remains bearish, especially on the global supply side of the ledger. European wheat was lower, also getting ready for the USDA report. In sell-buy-sell activity, Japan bought 59,690 tons of feed wheat and 93,640 tons of feed barley while tendering for another 120,000 tons of feed wheat and 200,000 tons of feed barley. Weekly U.S. wheat exports are estimated 300,000 to 600,000 tons.
