Soybeans continued to climb reaching fresh 2-month highs and above its 10-day moving average while corn and wheat also added to yesterday’s gains.
Soymeal was sharply higher yesterday, helping fuel the bean rally while domestic prices for soybeans are up over 50-cents a bushel in the past few days, doubling up the US gains. Traders are looking for big US exports to China to continue as crush margins and import margins for beans the best they’ve been in a year. Also with the harvest now likely past 80% harvested it seems bear positions may be leaving the building.
South Korea's largest foodmaker, NOFI, purchased about 273,000 MT of corn in a tender which closed on Wednesday. The corn was bought in four consignments which can be sourced from the United States, South America or worldwide origins. Taiwan's maize industry procurement association, MFIG, purchased 65,000 tonnes of corn to be sourced optionally from the United States or Brazil in an international tender which closed on Thursday.
Oil prices fell nearly 2% on Wednesday on growing doubts OPEC will cut production, giving back the gains after the EIA inventory data. US crude
stockpiles fell 553,000 barrels last week, the U.S. Energy Information Administration (EIA) said, a result contrary to the 1.7 million-barrel build that analysts polled by Reuters had forecast.
Weekly export sales
Actual Expected
Corn 799 900-1,200
Soybeans 2,045 1,500-2,500
Wheat 646 350-550
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