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Soybeans Continue their Slide

US Dollar continues it's recovery

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Soybeans slid for a seventh consecutive session to trade close to last session's four-week low as the U.S. crop matures in ideal growing conditions. Corn and wheat were mixed in directionless trade. In outside markets, the US dollar continued its recovery reaching its highest mark in 3 weeks.

This morning the USDA released new export deals with 187,000 MT of soybeans to China, 275,000 MT of corn to Mexico, and as rare wheat deal for HRW of 138,000 MT to unknown destinations.

Egypt's state grains buyer GASC received very low participation by trading companies in an international tender to purchase wheat on Wednesday as changing quality rules about the ergot fungus caused uncertainty. Only one trading company was said to have participated in the tender on Wednesday. GASC had earlier on Wednesday said it would only accept wheat with a zero content level of the controversial fungus ergot, which traders say is almost impossible to achieve in wheat in big volumes.

Basis levels especially for spot beans are starting to weaken as prices between old- and new-crop delivery begin to merge. With first notice day in Sep corn, many buyers rolled bids to Dec and kept basis levels fairly steady on the roll, although there is some delivery pressure as 440 corn contracts were delivered on for first notice day.


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