Soybeans Advance Over News from USDA

In the overnight session, Dec Corn was up 1.5 cents, Nov Soybeans were up 3.75 cents and Dec Wheat was up a little over 1 cent.

 

Chicago soybean futures rose on Friday, a day after the US Department of Agriculture (USDA) unexpectedly cut its forecast of the US soy crop. The USDA report put out a bullish yield number for the US crop of 49.5 bushels an acre, down from last month’s forecast of 49.9 bushels. Corn was weakened by the USDA’s expectation of a larger US crop, while wheat was underpinned by improving export prospects for US supplies.

 

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China, the world’s top soybean buyer, imported 8.1 million tonnes of the oilseed in September, up 12.7 percent on a year ago, after crushers saw margins improve over the summer and anticipated healthy demand for soymeal from hog farms. The September figure brings imports for the 2016/17 crop year, running from October to September, to 93.5 million tonnes, well above the prior year’s 83.2 million, and another record, according to Reuters calculations.

 

Net Weekly Export Sales-

 

Actual

Estimated

Wheat

175

300-500

Corn

1,593

800-1,100

Soybeans

1,747

900-1,200

 

Wheat net sales of 175,000 metric tons for delivery in marketing year 2017/18 were down 65 percent from the previous week. Corn net sales of 1,593,200 MT for 2017/18 were reported; Soybean net sales of 1,747,300 MT for 2017/18 were reported.

US consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast area, but underlying inflation remained muted. The increase was the largest since June 2009 and followed a 6.3 percent advance in August. The Labor Department said Harvey was reported to have impacted refinery capacity in the Gulf Coast.

Also Read:   Kazakhstan. Vegoil exports up more than three times in September

 

Source

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