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Soybeans see solid finish

Soybeans were higher on fund and commercial buying. Old crop led the way up on continued support from the strong demand and tight supply, with a better than expected month for Chinese imports. New crop was modestly higher, watching the weather. Rainfall over the past week was welcome, but it did miss some dray areas of the Midwest. August soybeans complex contracts expire on the 14th. Soybean meal was up and bean oil was down on the adjustment of product spreads. According to China’s General Administration of Customs, July soybean imports were 7.47 million tons, up 17% from June.

Corn was lower on fund and technical selling. Corn’s also watching the weather, along with waiting for the upcoming USDA production numbers, out on the 12th. Fundamentals remain bearish with the trade expecting a big crop this year. A lot of estimates are around 14 billion bushels with an average yield of 170 bushels per acre. Ethanol futures were higher.

The wheat complex was lower on fund and technical selling. There’s been more rain in the Southern Plains, recharging the soil ahead of winter wheat planting. The trade’s also watching Europe’s crop quality, AgriTel in France reports a big crop with varied quality, and the situation in Ukraine. Australia’s also expecting a very large crop and could step in and take over some European market share. In any event, USDA will more than likely increase its world production estimate next week.