Soybean futures stabilized on Thursday, after Argentina reinstated its export taxes on agricultural products. Wheat and corn advanced as well.
The suspension of the Argentine export taxes was initially expected to last until the end of October but a flurry of buying of soybeans by China helped the country hit its $7 billion sales target in just a matter of days. China’s buying of Argentine soybeans – and its continued absence from purchasing US soybeans – pressured the market earlier in the week. Meanwhile, today’s USDA weekly export sales report showed bookings of American beans for the week ended Sept. 18 at 724,459 tonnes, below the low end of pre-report trade estimates. China again remained quiet. November beans climbed 3 ¼ cents to $10.12 ¼, and January was up 2 ¾ cents at $10.31 ¼.
Corn was supported by a positive export sales report. Bookings of American corn for the week ended Sept. 18 were reported at just over 1.9 million tonnes. That was more than triple the same week last year and topped pre-report trade guesses. December inched 1 ½ cents higher to $4.25 ¾, and March was up 1 ¼ cents at $4.42 ¼.
Export sales also boosted wheat. The report pegged bookings of US wheat at just under 540,000 tonnes, at the high end of trade expectations and also triple the same week last year. December Chicago was 7 ½ cents higher at $5.27, and December Kansas City gained 5 ½ cents to $5.12 ¼. December Hard Red Spring added 8 ½ cents to $5.51, and December Minneapolis was 5 ¼ cents higher at $5.73.
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