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Soybean Sales Cancellations

A cancellation of soybean sales this morning could continue to put pressure on the commodity as it struggles to rise above the 100 day moving average.

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In the overnight session the grains traded mixed with corn up 1 3/4 cents, soybeans down 2 cents and wheat up 5 3/4 cents. Crude oil is trading down 69 cents and the U.S. Dollar has shed nearly 1 percentage point. Soybeans have struggled over the last two days to rise above the 100 day moving average which looms overhead at $9.56. This morning China canceled 200,000 metric tons of old crop soybean sales.

Some reportable sales were announced this morning with 72,136 metric tons of new crop corn sold to Mexico and 36,068 metric tons sold for 16/17 delivery. Exporters also sold 37,250 metric tons of white wheat, 67,650 metric tons of HRW and 22,000 metric tons of spring wheat to unknown destinations for 15/16 delivery. Taiwan’s MFIG group issued a tender to purchase 130,000 metric tons of corn from the United States, Brazil, Argentina or South Africa.

Yesterday, the Spring Wheat tour wrapped up after three days scouting the spring wheat crop in the producing state. Results were released on Thursday and estimated an average yield of 49.9 bushels per acre which is well above the 48.6 bushels per acre last year.

The latest Planalytics corn and soybean yield forecast was released on Friday, which is based on satellite imagery and uses the NDVI index which basically measures the greenness of the crop. Planalytics corn yield was revised higher by 1.3 bushels per acre to 166.7 BPA. Soybean yield held steady from the previous forecast of 45.6 bushels per acre on July 15th. This forecast is updated every two weeks.

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