Grains lower today led by Soybeans
Beas are down 11 to 12 cents a bushel today. The bears finally got confirmation that China Canceled beans from the United States earlier this season. This morning the USDA announced a China cancelation of 272,000 MT. At the same time the USDA announced a new crop bean sale to China of 240,000 MT. There is a lot of trader talk about the "huge" bean crop out of South America. While it will likely be a record it might not be as big as many thought because of hot and dry conditions in Southern Brazil. Argentina had been hot and dry earlier in the season but now it has cooled off to more normal temperatures and they have gotten some rain. Corn has trader both higher and lower today. The bulls have been disappointed that the slightly friendly USDA report Monday has not helped move corn prices higher. There was another reminder of good demand this morning with the weekly EIA report that showed ethanol production last week was at 902,000 barrels per day, up 7000 barrels per day from the previous week.