In the overnight session, Dec Corn was up 1.5 cents, Nov Soybeans were up 3.75 cents and Dec Wheat was up a little over 1 cent.
Chicago soybean futures rose on Friday, a day after the US Department of Agriculture (USDA) unexpectedly cut its forecast of the US soy crop. The USDA report put out a bullish yield number for the US crop of 49.5 bushels an acre, down from last month’s forecast of 49.9 bushels. Corn was weakened by the USDA’s expectation of a larger US crop, while wheat was underpinned by improving export prospects for US supplies.
China, the world’s top soybean buyer, imported 8.1 million tonnes of the oilseed in September, up 12.7 percent on a year ago, after crushers saw margins improve over the summer and anticipated healthy demand for soymeal from hog farms. The September figure brings imports for the 2016/17 crop year, running from October to September, to 93.5 million tonnes, well above the prior year’s 83.2 million, and another record, according to Reuters calculations.
Net Weekly Export Sales-
|
Actual |
Estimated |
|
|
Wheat |
175 |
300-500 |
|
Corn |
1,593 |
800-1,100 |
|
Soybeans |
1,747 |
900-1,200 |
Wheat net sales of 175,000 metric tons for delivery in marketing year 2017/18 were down 65 percent from the previous week. Corn net sales of 1,593,200 MT for 2017/18 were reported; Soybean net sales of 1,747,300 MT for 2017/18 were reported.
US consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast area, but underlying inflation remained muted. The increase was the largest since June 2009 and followed a 6.3 percent advance in August. The Labor Department said Harvey was reported to have impacted refinery capacity in the Gulf Coast.
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