Corn and bean futures were down slightly overnight following Wednesday’s strong rally.
Private exporters reported the sale of 360,000 MT of U.S. corn to China. Another 180,000 MT was sold to an unidentified buyer which traders said was likely China. In ethanol, weekly production was up 18,000 BPD TO 875,000 BPD for the highest mark of the year and the highest since 883,000 BPD during the week of June 22, 2012
In soybeans, yesterday’s rally hit an eight-month peak, with a port strike in major exporter Argentina increasing the focus on tight short-term supply. Argentine port workers strike in grains hub Rosario is in for its fourth day today. The parties met Wednesday but failed to reach a deal on wages, as dozens of cargo ships are stranded in the Rosario ports of San Lorenzo and San Martin, unable to leave with their loads. Dozens more are lined up outside of the ports waiting to get in. Another negotiating session is set for today.
Wheat markets were also supported by signs of buying interest from importers after a price pullback this week. Algeria bought 400,000 MT of milling wheat in a tender for August shipment. Analyst Strategie Grains cut their EU Soft Wheat Crop forecast 200,000 MT from last month to 130.9 MMT, although it is still expected to be up 5% on the year.
WEEKLY EXPORT SALES (in thousand MT)