Corn: The corn market closed lower, Weekly net export sales of 769,300 MT for
2015/16 were down 64 percent from the previous week and 44 percent from the
prior 4-week average, so failed to impress. There were also new crop net export
sales of net of 60,500 MT. Exports of 1,226,000 MT were up 13 percent from the
previous week and 9 percent from the prior 4-week average. The primary destinations
were Mexico (373,700 MT), Colombia (257,500 MT), Peru (140,900 MT), Japan (111,900
MT), Taiwan (101,000 MT), China (65,100 MT), and Venezuela (60,000 MT). Israel
bought 120,000 MT of what some are saying could have been US corn in a tender.
May 16 Corn settled at $3.71 3/4, down 1 1/2 cents; Jul 16 Corn settled at $3.73
3/4, down 3 cents.
Wheat: The wheat market closed lower. Weekly export sales s=were poor at 178,900
MT for delivery in the marketing year 2015/16, being down 49 percent from the
previous week. New crop sales of 140,000 MT were reported primarily for China
(61,500 MT), Mexico (25,700 MT), Japan (20,000 MT), and South Korea (19,700
MT). of 385,200 MT were down 12 percent from the previous week and 4 percent
from the prior 4-week average. The The Kansas wheat tour estimates Kansas all
wheat production to reach 382.4 million bushels this summer, with an average
yield of 48.6 bu/ac, up from the tour estimate of 288.5 million bushels in 2015.
The USDA's FAS in Canada said that 2016/17 all wheat ending stocks there may
fall to an all time low 3.75 MMT - the lowest since official records began in
1960. Jul 16 CBOT Wheat settled at $4.63 1/4, down 8 cents; Jul 16 KCBT Wheat
settled at $4.52 3/4, down 5 cents; Jul 16 MGEX Wheat settled at $5.31 3/4,
down 9 1/4 cents.
Corn: The corn market closed around a couple of cents higher, helped by beans.
Weekly ethanol production was 927,000 barrels per day last week, some 12,000
bpd down on the previous week. Ethanol stocks on April 22 were 21.6 million
barrels; down 1.8% from the previous week. South Africa cut its 2015/16 production
forecast for the third time this season, but at at 7.05 MMT it's still more
than 0.5 MMT above the USDA: 6.5 MMT. In March Ukraine exported 2.427 MMT of
corn, which is 32% greater than the volume of exports in March 2015 (1.836 MMT),
according to UkrAgroConsult. Ukraine said that planting of it's 2016/17 corn
crop was now almost halfway done. Trdae estimates for tomorrow's weekly export
sales report are 900,000 MT to 1.2 MMT. May 16 Corn settled at $3.80 3/4, down
1 1/2 cents; Jul 16 Corn settled at $3.84 3/4, down 2 1/2 cents.
Wheat: The wheat market closed lower. There's only so much support fund short
money can offer when US prices are substantially more expensive the the rest
of the world market. Ukraine exported a record 2.7 MMT of grains in April, And
said that they'd exported 33.3 MMT of grains so far this season, including 15
MMT of corn, 15 MMT of wheat and 4.1 MMT of barley. ProZerno estimated Russian
2016 grain production 0.6% higher than last year at 105.46 MMT. Wheat could
account for almost 61 MMT of that, they say. The medium term weather forecast
for Australia is calling for "abundant, above seasonal norms, rainfall
from May to July," Reuters report. That's slap bang in the middle of planting.
Weekly export sales for tomorrow are only expected to be 75-200 TMT on old crop.
May 16 CBOT Wheat settled at $4.74 1/4, down 5 1/2 cents; May 16 KCBT Wheat
settled at $4.64, down 2 1/4 cents;May 16 MGEX Wheat settled at $5.33 1/2, down
Corn: The market
closed around 5-6 cents higher. Chinese customs data showed ethanol imports
more than doubling in March from February, with nearly all of that comng from
the United States. Firmer beans and an improved Chinese economic outlook are
supportive to corn. So too are weather conditions in South America and the news
that Brazil is to temporarily allow corn imports duty free from outside the
Mercosur trade black. Funds were estimated buyers of 8,000 contracts in corn.
May 16 Corn settled at $3.82 1/4, up 5 1/4 cents; Jul 16 Corn settled at $3.87
1/4, up 5 1/2 cents.
Wheat: The wheat
market stronger, led by Chicago which is where the bulk of the fund short money
is. "The strength in wheat has been in defiance of the higher (US) crop
condition ratings, said one markket commentator. According to the EU's MARS
yield potential for EU winter wheat and barley is up from a month ago. ProZerno
say the Russia will end up exporting a record volume of wheat and corn this
season. Jul 16 CBOT Wheat settled at $4.87 3/4, up 10 cents; Jul 16 KCBT Wheat
settled at $4.78, up 4 1/4 cents; Jul 16 MGEX Wheat settled at $5.42 3/4, up
5 1/4 cents.
Corn: The corn
market closed with fair gains. Weekly export inspections of 1.137 MMT were in
line with trade ideas and pretty strong. Talk that Brazil will waste no time
taking advantage of the reduced import tax on corn from outside the Mercosur
trade bloc leans friendly. After the close the USDA said tha 30% of the US 2016
corn crop was already sown as on Sunday night, well ahead of the five year average
of 16% and at the high end of pre-report expectations. They also said that that
5% of the national crop was emerged, 1 point ahead of the average pace. May
16 Corn settled at $3.77, up 5 1/4 cents; Jul 16 Corn settled at $3.81 3/4,
up 6 1/4 cents.
Wheat: The wheat
market closed with small gains. Weekly export inspections of 406,164 MT were
fairly good as wheat goes. The USDA said that 26% of the winter crop was headed
as of Sunday night, up 14 points from the week before, and 2 points ahead of
the previous five year average. Winter wheat crop ratings were raised 1 point
to 57% good to excellent, and up from 42% this time a year ago. Spring wheat
planting progress reached 42% complete, up 14 points from the five year average.
Jul 16 CBOT Wheat settled at $4.77 3/4, up 3 3/4 cents; Jul 16 KCBT Wheat settled
at $4.73 3/4, up 1/4 cent; Jul 16 MGEX Wheat settled at $5.37 1/2, up 4 1/4
Corn: The corn market closed around 10 cents lower, despite weekly export sales
of 1,202,800 MT for 2015/16 being up 6 percent from the previous week and 31
percent from the prior 4-week average. Net sales of 123,100 MT were also reported
for new crop. In addition exports themselves were 1,283,500 MT - marketing-year-high
- and were up 27 percent from the previous week and 20 percent from the prior
4-week average. The primary destinations were Japan (398,200 MT), Colombia (313,900
MT) Mexico (279,900 MT). There were no sales to Brazil yet, but these might
not be far away. Private exporters also reported that 240,000 MT of additional
US corn was sold to Japan this morning under the daily reporting system. NYMEX
Crude set a near 6-month closing high. With all that bullish news it was interesting
to see corn end 10 cents lower then. May 16 Corn settled at $3.84 1/2, down
10 1/4 cents; Jul 16 Corn settled at $3.89 3/4, down 10 cents.
Wheat: The wheat market closed lower. Weekly export sales for the soon to end
20115/16 marketing year were 295,100 MT, new crop sales were 325,600 MT and
exports of 468,100 MT were up 51 percent from the previous week and 34 percent
from the prior 4-week average. The latter also included on cargo to China. Japan
purchased 126,298 MT of wheat from the US, Canada, and Australia in it's regulat
weekly tender. Stats Canada said Canadian farmers intend to plant 23.8 million
acres of all wheat compared to last year's 24.1 million. Plantings last year
were 23.111 million. Various analysts are lining up to say the Russia's 2016
wheat crop could now beat last year's. Ukraine;s won't bit will maybe not be
down as much as was feared in the winter. Europe's wheat crop might be down
3% or so. Jul 16 CBOT Wheat settled at $5.03 1/2, down 8 3/4 cents; Jul 16 KCBT
Wheat settled at $5.00, down 4 1/2 cents; Jul 16 MGEX Wheat settled at $5.51
1/4, down 6 1/4 cents
Corn: The market
closed around 2-3 cents higher. Weekly export inspections of just over 1 MMT
were in line with market expectations. These were down 4% from the week before,
but 1.6% larger than the same week in 2015. Season to date inspections are 21.872
MMT, some 13.4% below year ago levels but gaining. Dr Cordonnier says that there's
talk of Brazil temporarily abolishing the current 10% import duty on corn from
countries outside the Mercosul trade bloc, That might allow US exports into
the country, who seem to have overstretched themselves on exports earlier in
the season. The USDA estimates 2016 US spring corn plantings are off to a good
start at 13% complete, up from 4% a week ago 7% a year ago and versus only 8%
done for the average of the past 5-years. May 16 Corn settled at $3.81, up 2
1/2 cents; Jul 16 Corn settled at $3.85, up 3 cents'
Wheat: The wheat
market finished with good gains, especially in Chicago. News Friday that fund
money sits on a near record long in CBOT wheat maybe had a few lightening the
load. Weekly export inspections of 456,924 MMT were 34% up on last week. YTD
inspections of 17.614 MMT are now 12.9% smaller than a year ago. A Bloomberg
survey forecast this year's coming EU28 soft what crop at 145.8 MMT, from within
a range of 140.77-153.00 MMT, and all wheat output at 154.9 MMT, from within
a range of 15.68-161.70 MMT (USDA all wheat 160.00 MMT in 2015/16). In the case
of all wheat that's a 3.2% fall versus last year. The USDA put the US winter
wheat crop at 57% headed, only 1 point up on the week, but still better than
42% this time last year. Spring wheat planting is seen at 27% complete versus
13% a week ago, 31% a hear ago and 19% for the 5-year average. Jul 16 CBOT Wheat
settled at $4.81, up 13 1/2 cents; Jul 16 KCBT Wheat settled at $4.75 1/2, up
7 1/4 cents; Jul 16 MGEX Wheat settled at $5.32 1/2, up 4 1/2 cents.
Corn: The corn market closed with marginal gains. Weekly export sales of 1,135,800
MT for 2015/16 were up 20 percent from the previous week and 21 percent from
the prior 4-week average. For 2016/17, net sales of 111,400 MT were reported
for Japan (55,600 MT), Mexico (50,500 MT), El Salvador (4,500 MT), and Nicaragua
(800 MT). Exports of 1,008,400 MT were down 11 percent from the previous week
and 3 percent from the prior 4-week average. The Rosario Grain Exchange increased
its Argentine corn production estimate today, but to only to 25 MMT versus the
USDA's 28.0 MMT prediction. FranceAgriMer lowered French corn carryout this
season by 200,000 MT. May 16 Corn settled at $3.74, up 1/2 cent; Jul 16 Corn
settled at $3.78, up 1 cent.
Wheat: The wheat market closed with small losses. Weekly sales exports for
the soon to end 2015/16 season came in at 124,700 MMT, along with new crop sales
of 211,500 MT. Exports were 309,200 MT were down 21 percent from the previous
week and 18 percent from the prior 4-week average. If the US isn't doing a great
job of disposing of it's own burdensome wheat stocks, some are doing better.
Strategie Grains cut their EU-28 2015/16 soft wheat ending stocks estimate by
1.0 MMT to 15.6 MMT. For 2016/16 they were down 1.2 MMT to 13.2 MMT. South Korea
has bought 45 500 MT of Australian wheat while Japan purchased 127 620 MT of
wheat from the USA, Canada, and Australia in a routine tender. Jul 16 CBOT Wheat
settled at $4.66 3/4, down 3/4 cent; Jul 16 KCBT Wheat settled at $4.65 3/4,
up 3/4 cent; Jul 16 MGEX Wheat settled at $5.27 1/2, up 3/4 cent.
Corn: The corn market closed around 5-6 cents higher following the USDA report.
US corn ending stocks were pegged at 1,862 billion bushels versus trade ideas
of 1,845 million. World stocks came in at at 209.81 MMT versus the average trade
guess of 207.35 MMT. Brazil's corn crop was unchanged at 84 MMT and Argentina's
was 1 MMT higher than previously expected at 28 MMT. Brazil's exports were unchanged
(as were those from the US) and Argentina's increased 1 MMT to 20.5 MMT. EU
imports were dropped 1 MMT to 15 MMT this season "on expectations that
a greater use of wheat in feed rations curbs demand for corn. In addition, the
pace of issuing import licenses has slowed in recent months." May 16 Corn
settled at $3.62 3/4, up 6 cents; Jul 16 Corn settled at $3.65 1/2, up 5 3/4
Wheat: The wheat market closed around 3-5 cents higher. The USDA put US all
wheat ending stocks at 976 million bu, very close to what was expected. Chinese
wheat consumption took a 2 MT hit, whilst Europe's was boosted by more than
3 MMT. It might be "old crop" but the USDA keep finding a little bit
more of it, with Europe's 2015/16 production raised by 1.5 MMT to a nice round
160 MMT. With EU-28 exports lowered 0.5 MMT to 32 MMT "on account of lagging
export licenses and greater domestic usage." The net result of which is
actually to decrease EU carryout this year from the 20.16 MMT predicted a month
ago to 19.33 MMT this time round, although that's still a 40% increase compared
to last season. Jul 16 CBOT Wheat settled at $4.58 3/4, up 4 1/2 cents; Jul
16 KCBT Wheat settled at $4.57 1/2, up 3 1/4 cents; Jul 16 MGEX Wheat settled
at $5.23 1/2, up 5 1/2 cents.
Corn: The market closed lower. Weekly export inspections of 1.122 MMT were
in line with expectations. YTD inspections are now 20.772 MMT as of last Thursday
which is 14% down on a year ago. The USDA expects full season corn exports from
the US to be down 10.2% in 20154/16. In tomorrow's USDA report the trade sees
US ending stocks of 1,845 million bushels, with world stocks at 207.35 MMT.
Plant beans instead of corn is what the current new crop price ratio is telling
the market. The USDA FAS in Brazil said that the country might produce a record
86 MMT of corn in 2016/17 (the harvest after the current one). The cash-strapped
Brazilian government is considering introducing export duties on corn and beans
of 2.8% to increase budget revenues, according to some media reports. Ukraine
seaports were said to have shipped out 386,300 MT of corn last week. May 16
Corn settled at $3.56 3/4, down 5 1/2 cents; Jul 16 Corn settled at $3.59 3/4,
down 5 1/4 cents.
Wheat: The wheat market finished with double digit losses across the three
exchanges. Weekly export inspections of 339,226 MT were a bit better than last
week, but 28% smaller than the same week a year ago. YTD inspections are 17.155
MMT, still 12.6% smaller than the same period in 2014/15. The USDA expects these
to only be 5.5% lower in a season with 4 weeks left to run. Various reports
suggest that Brazil will produce a larger and better quality wheat crop than
last year if the weather co-operates. The USDA's FAS have plantings at 2.2 million
ha, and yields up 7%, for a crop of 6.0 MMT. The USDA has got a nice little
boost in wheat exports by demand from Brazil in the past few year. Argentina
would usually be the main beneficiary of ant Brazilian demand due to being a
fellow member of the Mercosur trade bloc, although they have had volume and
quality issues of their own in the last few years they should be OK for 2015/16.
Thailand were said to have bought 100,000 MT of US milling wheat. Egypt are
back in the market tomorrow. Jul 16 CBOT Wheat settled at $4.54 1/4, down 12
1/2 cents; Jul 16 KCBT Wheat settled at $4.54 1/4, down 16 1/2 cents; Jul 16
MGEX Wheat settled at $5.18, down 11 1/2 cents.
Corn: The corn market closed a touch firmer on the day. The USDA announced
the sale of 120,000 MT of corn to unknown destinations for 2015-16 delivery
under the daily reporting system. The Argentine corn harvest is estimates 18%
done. AgResource’s Dan Basse talking at an EU cereals meeting said that
corn could fall below $3/bu in Q4 of this year. French new crop corn planting
was 1% done as of Monday night. Early plantings in Russia and Ukraine are also
underway. UkrAgroConsult report that Sep/Feb Russian corn exports were up 75%
from the same period last year. Output here could be at all-time highs again
in 2016/17, so why not exports? May 16 Corn settled at $3.62 1/4, up 3/4 cent;
Jul 16 Corn settled at $3.65, up 1 cent. For the week the two saw net declines
of 8 /1/4 and 7 1/4 cents respectively.
Wheat: The wheat market closed higher on the day, but only consolidating overall
weekly losses. Kansas wheat fared the worst of the three exchanges on the week
as the USDA renewed it's weekly crop condition reports Monday night, and this
came in better for wheat on the Plains than the market had been expecting. AgResource’s
Dan Basse mooted ideas of Chicago wheat down to $4/bu come July. US wheat continues
to struggle to find export homes. French wheat won the one Egypt order this
week but their exports still lag too. Meanwhile French wheat crop conditions
are the best for 5 years heading towards what could be another record harvest.
Jul 16 CBOT Wheat settled at $4.66 3/4, up 2 1/4 cents; Jul 16 KCBT Wheat settled
at $4.70 3/4, up 5 1/4 cents; Jul 16 MGEX Wheat settled at $5.29 1/2, up 7 1/4
cents. For the week, Chicago wheat fell 16 1/4 cents, with Kansas down 17 3/4
cents and Minneapolis shedding 8 1/2 cents.