Grains were off in overnight trade while crude oil hit the $47 a barrel mark and the US dollar continued to erode.
In overnight news, South Korea's DongAOne issued an invitation to bid seeking a total of 23,200 tonnes of U.S. origin wheat. The tender came after South Korea found no genetically modified wheat in U.S. wheat imports. Earlier in August the discovery of unapproved GMO wheat in shipments from Washington state prompted Japan and South Korea to suspend some U.S. imports. Japan's Ministry of Agriculture bought a total of 87,430 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that closed late on Thursday. This was below their usual volume purchased of 120,000 MT.
In Argentina, farmers there are expected to boost corn plantings next season. The Buenos Aires Grain Exchange projects acreage will jump from 3.6 million hectares to 4.5 million hectares.
Yesterday, weekly ethanol numbers were positive as production hit a record high for this time of year with 1.03 million barrels per day of production and stocks were lower from the previous week.
WEEKLY EXPORT SALES
Act-OC Exp-OC Act-NC Exp-NC
Corn 167.4 250-450 1,042 800-1,100
Soybeans 177.9 100-300 1,597 1,500-1,800
Wheat 489.5 400-600
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