Soybeans were higher in the Friday session. South American weather looks mostly fine, and Argentina needs dry weather, which they’re getting. Last week’s export sales cancellations hit the export report that was released Friday. There were additional export sales of 165,000 metric tons of beans to China, and 30,000 metric tons of soybean oil to an unknown destination reported Friday.
Corn was weaker most of the Friday session after a higher overnight trade, but it gained strength through the session, supported by wheat, according to DTN. Demand concerns continue to weigh on corn. Exports are slow, and ethanol production is soft, but livestock margins are improving, and higher energy futures would strengthen ethanol.
Wheat was higher, getting a bounce from oversold contracts. Russian and Argentine wheat prices continue to rise, with European prices holding a sharp premium to U.S. wheat. Export business for wheat remained quiet through the week.