*Profit-taking noted after USDA supply view tops expectations. *China concerns add to pressure on soybeans. Corn futures also sagged, dropping 2.6 percent from the six-month high hit last week, after USDA raised the global supply view.» Read More
*Soybeans pressured as recent rain improved harvest outlook. *Corn firms on wheat strength. Corn futures edged higher on spillover strength from the wheat market but soybeans dipped amid hopes that some recent rain across key growing areas of the U.S.
Greg Smith, Group CEO, Global Commodities Ltd says that speculators are still short commodities and that investors are not picking up on the protein theme yet.
A Chinese trade delegation signed agreements with U.S. grain companies on Wednesday to buy 8.62 million metric tons of soybeans from the United States and will ink more deals on Thursday for a record-setting purchase topping 12 million metric tons.