Grains seeing some pressure in the overnight session. Corn down a penny, wheat down a nickel, and beans down 1 ½ cents.
Chinese buyers purchased an “unknown quantity” of U.S. soybeans yesterday in their first major action since state-run companies initially bought more than 1.5 MMT of U.S. beans last week. One trader said that this purchase totaled 15 cargoes or about 900k tonnes, for Jan-March shipment.
Month-to-date wheat prices are up 12 ¾ cents in HRW, corn is up 7 cents and soybeans up 13 ½ cents.
Soybean harvesting has begun in isolated area of Brazil’s Mato Grasso region. Reports of drought-related soybean crop losses continue out of Paraná and Mato Grosso do Sol regions. Brazil soybean shipments in the 12 months starting in February may drop 4%.
Chart of the Day
Today’s chart shows top world wheat importing countries for the 2018/19 marketing year—the wheat market is by far the most diversified of the big three grains, with Egypt buy-ing easily the most of any country at 12.5 MMT this sea-son, which is only 7% of the world total. The top ten im-porting countries represent barely 40% of the 176 MMT world total; in corn, that number is 68% this year, and in beans it’s 87%, even with China’s reduced role this season.