Soy
November soybeans closed at 9.94, up 1 cent
October Soybean Meal at 336.00, up 9.70 points
October Soybean Oil at 35.95, up 9 points.
- The NOPA crush for soybeans for September was 107.4 million bushels, below trade estimated at 113 million.
- Slow harvest support price from selling. The harvest activity with only 23% of the crop harvested compared to 49% last year and 57% for the five year average.
- Weak dollar support price from selling.
- The USDA announced a sale of 110,000 tonnes of soybeans to China.
Corn
December corn closed at $3.83, up 1 ¼ cents
March corn at $3.95, up 1 ¾ cents.
- The corn harvest is only 13% done compared to 20% last year and 35% for the five year average.
- Trader sell for profit taking but outside market also support corn price from a lower dollar, higher equities and a push to near the 2009 highs in crude oil.
- The Maize Group in Taiwan is set to tender on Friday for either 58,000 tonnes of US corn or 52,000 tonnes of Brazilian corn.
Wheat
December CBOT wheat finished at $5.13, up 1 ¾ cents.
- Iraq purchased 200,000 tonnes of hard red winter wheat for 2009/10 shipment.
- Egypt announced this afternoon they would tender for 30-60,000 MT of wheat for shipment in the last half of November, first half of December from option origin.
- The delayed bean and corn harvest is bullish for wheat too as it may prevent some winter acreage from getting into the ground.
- The early buying in wheat credited to the lower dollar.
- Argentina's Buenos Aires Grains Exchange lowered its 2009/10 Argentine wheat crop again to 7.5 million tonnes from 7.55 million the previous week. Planted area was left unchanged at 1.88 million hectares.
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