reported big soybean and sorghum export sales. Additional soybeans were reported under the 24-hour plus 110,000 tons of corn. Follow through short covering spilled over into the Thursday trade for soybeans and corn. Strength in soybean meal is supporting
soybeans while keeping soybean oil at bay despite another rally in Asian vegetable oils. China palm oil was up sharply and Malaysia was up 28MYR with cash appreciating $14.00/ton. Wheat is finding a little support from higher corn and bottom picking. China
sold all of its 3.994MMT corn offered at auction. Taiwan’s MFIG passed on corn overnight and South Korea’s NOFI passed on 69k of corn. Perhaps they want to see lower global cash prices. Iran passed on corn and bought an unknown volume of soybean meal Egypt
is in for wheat today and lowest offer is $204.90/ton. .