Aug. 14, 2008 - Overnight numbers from the Chicago Board of Trade were up for corn, soybeans and wheat. And word from India is that production of soybeans will be up this year to 10 million tonnes, with half expected to be exported.
August 14, 2008
Follow-up gains overnight. Corn futures finished 6 to 7 cents higher, soybeans 8 to 13 cents higher and Chicago wheat mostly 15 to 16 cents higher in overnight trade. But corn and beans posted low-range closes overnight, while wheat ended near session highs.
Weekly Export Sales this morning. For the week ended Aug. 7, traders expect: wheat sales from 450,000 to 750,000 MT; corn sales from 800,000 to 1.1 million MT; soybean sales from 250,000 to 550,000 MT; meal sales from 100,000 to 200,000 MT; soyoil sales from 5,000 to 10,000 MT; and cotton sales from 200,000 to 400,000 running bales.
India soybean crop prospects. India is expected to see their soybean crop exceed 10 MMT, according to the Soybean Processors of Association of India and they are expecting exports to exceed 5 MMT. A Bloomberg report says the exports would likely be competition for the U.S., Argentina and Brazil in markets like Japan, South Korea and Vietnam.