US soybean futures eased in overnight trade putting pressure on grains and oilseed prices in both Canada and Europe. The slip in soybeans came from all sides, technical profit taking, better harvest conditions in the US and the announcement of a Chinese tariff on imported DDG. DDG is a by product of the ethanol making process and will affect the likes of ADM, Cargill, Louis Dreyfus and many more US firms exporting the feed grain replacement to China. The downside to soy meal comes about when the DDG tries to find another home, in other words it starts to aggressively compete with US soy meal into US end users.
Wheat and corn traded sideways remaining stuck in the tight range of the last couple of weeks.

With Egypt only receiving one offer in their latest tender it was inevitable the price was going to be a bit higher. It would take a brave traders to sell to Egypt after all the confusion surrounding their receival standards this year. At US$179 FOB Black Sea the price is a little firmer than the last business done in August. Over the last 12 months Egypt has seen import prices basically fall about 2.5% while Black Sea values have fallen 8% and Chicago futures around 10%.

Saskatchewan farmers are now about 75% of the way through harvest after a mostly drier week.