Trade Action in Soybeans Yesterday was Positive
Sep 20, 2017
In the overnight session the grains are trading higher with December corn up 1 ¼ cent, November soybeans up 3 ¼ cents and December Chicago wheat up 2 ¼ cents. Strong precipitation is expected over the weekend throughout southern Minnesota, South Dakota, Nebraska and western Kansas. By Monday the precipitation should extend down into the panhandle of Texas. The eastern grain belt is expected to remain mostly dry over the next couple weeks.
Exporters sell 132,000 MT of soybeans for delivery to China during the 2017/2018 marketing year. Exporters sell 1,080,000 MT of soybeans for delivery to unknown destinations, of which 960,000 MT is for 2017/2018 delivery and 120,000 MT for 2018/2019 delivery. -USDA
Yesterday’s trade action in November soybeans was positive after rebounding 8 ¼ cents off its low of 9.58 ½. Prices are now above Tuesday’s opening price and seems look like it wants to retest the most recent September 14th high of 9.78 ¼.
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The EU announced that they will be lowering Argentina biodiesel anti-dumping duties to between 4.5 to 8.1 percent, down from 22 to 25.7 percent set in 2013. The recent ruling will allow Argentina to begin exporting biodiesel to the EU which is timely considering the U.S sharply increased their countervailing duties in August.
Ukraine’s First Deputy Ag Minister reported that Ukraine corn harvest is expected to be 27 million metric tons compared to 2016’s cropo of 28 million metric tons. The September WASDE report estimated Ukraine’s total corn production at 27.5 million metric tons which was down 1 MMT from their August forecast.
Yesterday it was announced by Egypt’s state grain buyer GASC that they had purchased 175,000 metric tons of Russian Wheat in the tender that was issued on Monday.
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