reported 318,000 tons of soybeans sold to China and 175,000 tons of soybean meal sold to the Philippines. Rumors also circulated of Brazilian buying of US beans although, this is doubtful. Soybeans and meal are seeing follow through buying while soybean
oil light profit taking. The typhoon in China has flooded the fields and the northeastern areas will receive additional rain where it is excessively wet. Malaysian palm futures were 56MYR lower and cash down $14.00/ton. CBOT corn is rebounding higher on
talk Brazil may buy corn from the US. Wheat was mostly higher. We look for corn and soybean conditions to stabilize but on Tuesday expect the combined good and excellent ratings to decline by one point each. 103 soybean meal receipts were cancelled, most
of them by Bunge. The Philippines bought 110,000 tons of wheat. Ethiopia seeks 80,000 tons of wheat and SK seeks 114k tons of rice. The US will see wetter conditions for the Sunday/Monday period where rains in Iowa and Illinois occur, although this is too
late. US markets are closed on Monday for the Labor Day holiday.