Beans and corn weaker overnite for reasons not entirely clear to us.
There is some risk for precip in the Midwest in the next 4-5 days along with cooler temps but the rain amounts we see forecast are insignificant.
We suspect nervous longs are bailing in front of pivotal weekend.
Chinese soybean and meal futures were quite weak overnite and that may have played a critical role.
Overnight deliveries against U were lighter than expected:
Soy oil 651 lots versus 1000-3000 expected
KC wheat 19 versus 500-800 expected
Chgo wheat zero versus 500-1000 expected
Mnpls wheat 106 versus 0-250 expected
USDA reported 110,000 tonnes beans sold to China for 2013-14
Macquarie estimated US bean yield at 41.4 bu and corn at 155.5 bu
Morgan Stanley estimated US bean yield at 42.1 bu and corn at 155.5 bu
Russian grain harvest to Aug 29 was 59.9 million tonnes, 53.5% complete, yields up 26.6% LY
Ukraine grain harvest to Aug 30 was 32.751 million tonnes, 96% complete, yields up 19.8% LY
Kazakhstan grain harvest to Aug 29 was 2.076 million tonnes, 10.1% complete, yields up 80% LY
Jordan tenders for 100,000 tonnes barley.
Japan bot 43,582 tonnes wheat SBS.
Pakistan imported 92,108 tonnes Russian wheat, first in 3 years.
German Ag Ministry crop estimates for 2013:
Total grain 47.1 million tonnes, up 3.6% LY
Wheat 24.9 million tonnes, up 11% LY
Barley 8.4 million tonnes
Rapeseed 5.78 million tonnes, up 20.4% LY
Indian Ag Minister says Indian soybean area 12.2 million HA versus 10.7 million HA LY.
Eddyville, IA corn bid -40 cents to +120Z
Central IL corn bid -10 cents to +110U
Blair, NE corn bid -10 cents to +145U
Central IL bean bid steady at +160X
100 soy oil receipts cancelled Thu afternoon
Biodiesel RINs closed Thu at 76-80 cents for 2013 and 81-85 cents for 2014
Ethanol RINS closed Thu at 68-69 cents for 2013 and 2014.
Argentine soy oil traded for Oct/Dec at -290 FOB.
Argentine hi pro traded for Oct at +43V FOB, basis $4 firmer
Argentine/Uruguayan beans trade for Sep at +100X FOB.
Brazil beans traded for Mar at -5H FOB and for Apr/May at -7K FOB, basis about 5 cents weaker.
Brazil pellets traded for Oct at +42V FOB, basis about $5 firmer.
Crude oil lower after UK nixed military action in Syria.
Gold is down $18
$ is firmer.
Prelim open interest changes from Thu: