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Soybeans end session lower on profit taking

Soybeans were lower on profit taking and technical selling, unable to hold onto its early gains as soybean oil also gave back some ground. Harvest delays are likely in the south and east as Hurricane Helene makes landfall and moves inland. The coverage and totals remain uncertain, but heavy rainfall is expected in parts of the region. Contracts are a little bit overbought after the recent gains and the harvest activity in other key U.S. growing areas is bearish. There’s been more talk, but no confirmation, of China buying U.S. soybeans ahead of the Golden Week holiday, which starts next week. U.S. soybean export sales last fell below the week before that at 57.9 million bushels. China was the top buyer, followed by unknown destinations. Soybean meal and oil were lower on profit taking. Bean oil had additional pressure from a drop in crude oil. Unfavorable weather could have an impact on planted area in Brazil and Paraguay. Comparatively better conditions and higher profitability could lead to an increase in planted area in Argentina, which would come at the expense of corn.

Corn was lower on profit taking and technical selling. Central and western parts of the Corn Belt should be able to make solid near-term harvest progress. That’s in contrast to the delays expected from Hurricane Helene in some southern and eastern portions of the region. The trade is also monitoring planting conditions in Argentina and Brazil. The USDA’s updated supply, demand, and production numbers are out October 11th, while CONAB’s new outlook for Brazil will follow on the 15th. Planted area is expected to be down in Argentina because of pest and disease pressure. Weekly U.S. export sales were a marketing year low at 21.1 million bushels, primarily to Colombia and Mexico, with a significant cancelation by unknown destinations. Thursday morning, Mexico bought 115,000 tons, pushing the two-day total for announced purchases to 295,000 tons.

The wheat complex was lower on profit taking and technical selling. Soft red winter planting delays are probable because of Hurricane Helene, but there should be good hard red winter progress in most of the central and southern Plains. The spring wheat harvest in the northern Plains should wrap up soon. Drought in the Black Sea region is a continued concern for both Russia and Ukraine, with the trade also monitoring the likely increase in abandonment in Argentina and development weather in Australia, along with the port strike in Canada. U.S. wheat export sales were a marketing year low at 5.8 million bushels, with Chile and the Philippines topping the list against a big cancelation by unknown destinations. The USDA also reported a small purchase of 2025/26 U.S. wheat by Peru, all soft red winter. The USDA’s attaché in Egypt estimates 2024/25 wheat imports at 12.5 million tons, up 11.4% from the last guess thanks to an influx of foreign currency used to aid purchases by the world’s biggest wheat buyer. Domestic production is pegged at 9.2 million tons.

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