Soybean futures continued to leak lower on Friday, with the market still unimpressed with the level of Chinese buying. Corn was also lower while wheat was mainly higher.
The USDA reported another private export sale to China this morning, this time for 134,000 tonnes. However, the USDA’s weekly export sales data from Thursday has accumulated sale commitments - both shipped and unshipped - now 21.829 million tonnes (802 mbu), which is 39.3% below the same period last year, according to today’s Barchart market commentary. Much of that lag is to China, as overall commitments are down 14.14 million tonnes, with 13.4 million being China. Large Brazilian production prospects also weighed. March beans slipped 2 ½ cents to $10.59 ½, and November lost 3 ¼ cents to $10.67 ¾.
Corn eased after two days of gains as good export demand has supported. US corn export sale commitments were 29.7% larger than the same period last year at 44.35 million tonnes, or 1.746 billion bu - a record buying pace for corn exports. March corn was down ¾ of a cent at $4.43 ¾, and December lost a ¼ cent to $4.62.
Despite small gains today, the benchmark Chicago wheat market remained near 8-week lows amid heavy global supplies that are only getting bigger as both Argentina and Australia harvest large crops.March Chicago added 2 cents to $5.09 ¾, while March Kansas City was 1 ¾ cents lower at $5.15 ¼. March Hard Red Spring managed a 6 ¼-cent gain to $5.62, and March Minneapolis was a nickel higher at $5.78.
