Grains were down in the overnight; March corn was down ¼ of a cent, March soybeans were down 6 ¼ cents and March wheat was down 4 cents.
Exporters sell 195,000 metric tons of corn for delivery to unknown destinations during the 2017/2018 marketing year. Exporters sell 170,000 metric tons of corn for delivery to Egypt during the 2017/2018 marketing year. Exporters sell 108,860 metric tons of soybeans for delivery to Mexico during the 2017/2018 marketing year. -USDA
Chicago wheat and soybean futures slid for a third session on Friday, with abundant supplies and stiff export competition tempering concern about harsh crop weather in the US and Argentina. Concern about drought damaging the US winter crop, which drove prices to a multi-month high this week, were still underpinning prices, but analysts said it was too early to assess potential damage.
US soybean export sales fell to a seven-month low last week, according to government data, as stiff competition from rival exporter Brazil and concerns over lower US crop quality dented demand from key buyers such as China. The poor weekly sales tally has raised concerns that overseas shipments could contract further than expected, sending futures prices down sharply at the Chicago Board of Trade.
The world sugar market is set for a larger surplus than previously expected in the 2017/2018 season, followed by another year of oversupply, according to a Reuters survey of 12 traders and analysts. Sugar prices are seen remaining roughly unchanged in the first quarter of 2018 and recovering slightly by the end of 2018, though still posting a yearly decline.
Egypt’s state grain-buyer, GASC, has lowered the minimum required protein content for Russian, Romanian, and Ukrainian wheat to 11.5 percent from 12 percent, a tender document seen by Reuters on Friday showed. Egypt, the world’s largest wheat buyer, is set to hold a purchase tender today for March 5-15 arrival with results expected later today. Egypt requires various protein content levels from suppliers it considers in its tenders based on origin.
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