Soybean futures posted double digit losses to end the week, weighed down by a disappointing monthly crush report. Corn was also lower, while wheat gained.
A NOPA report released today showed American soy processors crushing 161.45 million bu of beans in August, down 2.5% from the same month a year earlier and at the lower end of pre-report trade expectations which averaged 167.8 million. On the other hand, soyoil stocks came in at 1.25 billion lbs, the tighest since October 2017. Profit taking also helped to push soybeans lower on the day. November beans dropped 20 ¼ cents to $13.40 ¼, and January lost 20 cents to $13.55 ¾.
Corn declined on rising US harvest pressure. Monday’s USDA crop progress report showed national corn harvest at 5% complete as of Sunday, on par with a year ago and a single point ahead of the five-year average. The bulk of the Corn Belt was seeing dry weather today, with any showers confined to the northern areas. December corn slipped 4 ¼ cents to $4.76 ¼, and March was down 4 cents at $4.90 ½.
Wheat pushed higher on concerns about lower production in both Argentina and Australia where dry weather is cutting into crop prospects. Concerns about shipments from the Black Sea region added to the upside. December Chicago wheat was up 10 ½ cents at $6.04 ¼, December Kansas City gained a dime to $7.46 ½, and December Minneapolis gained 5 ½ cents at $7.89.
