Grains continued to languish overnight as fund selling and prospects of slow demand kept prices weighed down in the overnight session.
Overnight, South Korea was an active buyer overnight purchasing corn, feed wheat and soymeal. However, the majority of the purchases were from non-US sources, except corn which was optional origin from either South America or the US.
Soybeans continue to trade south of $14 after China canceled a 315,000 MT shipment from the US. In addition, the USDA attaché to Brazil raised their soybean projection to 83 MMT on good growing conditions, higher than the latest USDA official estimate of 81 MMT.
This morning’s USDA export sales report provided more evidence of just how bad corn demand is as weekly sales totaled 49,000 MT, significantly lower than trade expectations of 200,000 to 350,000 MT. Soybeans and wheat managed to hold par, being in the range of analyst estimates . Wheat sales for the week came in at 400,400 MT versus expectations that ranged from 350,000 to 550,000 while soybean sales of 434,900 were at the upper end of pre-report guesses, which ranged from 250,000 to 450,000.
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