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09 December 2016 | Online since 2003

Chicago Reports

9 December 2016 | Chicago Reports
08/12/16 -- Soycomplex: Beans closed with sharp losses. Weekly export sales were decent at 1,461,700 MT for 2016/17 (plus 6,000 MT for 2017/18), being up 10 percent from the previous week and 5 percent from the prior 4-week average. Exports of 1,869,700 MT were down 19 percent from the previous week and 31 percent from the prior 4-week average, but still pretty good for the time of year. The USDA also announced another 136,000 MT of soybean sales to unknown destinations under the daily reporting system. CONAB’s Brazilian soybean production estimate of 102.4 MMT was down only slightly from 102.6 MMT in November and represents around a 7.0% increase from Brazil’s 2015/16 total of 95.4 MMT. The USDA ag attaché in Brazil estimates this year’s soybean crop lower than that at 101 MMT, with exports at 57 MMT. The USDA are out tomorrow with their December WASDE report, and we can probably attribute most of today's action to profit-taking and book-aquaring ahead of that. The range of guesses for US soybean ending stocks is 428 to 514 million bu versus the previous 480 million, with an average of 474 million. Jan 17 Soybeans closed at $10.27, down 22 cents; Mar 17 Soybeans closed at $10.37 3/4, down 21 3/4 cents; Dec 16 Soybean Meal closed at $312.40, down $6.80; Dec 16 Soybean Oil closed at 37.05, down 67 points.

Corn: The market closed with losses of around 4 cents heading into tomorrow's USDA report. Weekly export sales of 1,495,400 MT for 2016/17 were up 96 percent from the previous week and 12 percent from the prior 4-week average. That easily beat trade estimates that were running at around 700,000 and 1,000,000 MT. Exports of 1,366,400 MT were up 69 percent from the previous week and 94 percent from the prior 4-week average. The primary destinations were Japan (292,000 MT), Mexico (256,700 MT), Taiwan (214,000 MT), Saudi Arabia (182,000 MT) and Peru (72,800 MT). Brazil planting is almost 93% complete while Argentina is still lagging at 48% complete. Brazil's CONAB is estimating summer corn crop potential of 2016/17 at 27.06 MMT, down from the November forecast of 28.55 MMT, but still a 7% increase over last year. Brazil full crop estimate was essentially unchanged from November at 82.8 MMT, a sharp increase versus 2015/16. CNGOIC lowered it's forecast China's on corn consumption at 197 MMT, well below the USDA's 226 MMT. Trade ideas for tomorrow's world corn ending stocks estimate from the USDA is 219.2 MMT, which would be 1 MMT larger than the November report. The Russian corn harvest is 86.8% complete at 14.8 MMT. Dec 16 Corn closed at $3.46 1/2, down 4 cents; Mar 17 Corn closed at $3.53 1/2, down 4 1/2 cents.

Wheat: The wheat market closed higher heading into tomorrow's report, possibly due to short-covering in Chicago. Weekly export sales of 503,100 MMT for delivery in marketing year 2016/17 were up 4 percent from the previous week, but down 22 percent from the prior 4-week average. That was at the upper end of the expected 300,000 MT to 500,000 MT though. Exports of 555,500 MT were up noticeably from the previous week and 59 percent from the prior 4-week average. India announced that they were to cut their current wheat import duty from 10% to zero. Trade ideas are that they could end up importing around 3 MMT, and possibly as much as 5 MMT, on the back of the move before new crop begins harvesting again in late Mar/April. That would be their largest imports since 2006/07. Australia and Ukraine are likely to be the main beneficiaries, but at least it would remove some surplus stocks from the global market. Sub-zero temperatures on the US Plains keep getting a muted mention, but the trade seems relaxed about winter kill ideas for now. Saudi Arabia are tendering for 715 TMT of hard wheat for Feb/Apr shipment, Ethiopia are in for 70 TMT of optional origin milling wheat. The average of pre-report trade estimate for 2016/17 global ending stocks is 250.3 MMT in tomorrow's report. Dec 16 CBOT Wheat closed at $3.90 3/4, up 4 1/2 cents; Dec 16 KCBT Wheat closed at $3.87, up 5 cents; Dec 16 MGEX Wheat closed at $5.35 3/4, up 1 3/4 cents.



8 December 2016 | Chicago Reports
07/12/16 -- Soycomplex: Beans closed with small gains. The USDA announced the sale of 330,000 MT of soybeans for delivery to China. Of the total 66,000 MT is for delivery during the 2016/17 marketing year and 264,000 MT is for delivery during the 2017/18 marketing year. They also announced a sale of 136,000 MT of soybeans for delivery to unknown destinations during the 2016/17 marketing year. So, the battle between strong nearby demand and record production continues. Whilst the demand from China is there now, there's growing concern that things might not look as rosy in the new year should things escalate between Trump/China and the latter decide to use soybeans as a bargaining tool. There will be plenty of South American soybeans on offer as an alternative by then. Ag Rural said that the Brazilian harvest in Mato Grosso will start early and that the state could harvest 7 MMT of beans in January alone. Dyness and heat in Southern Brazil and Argentina is starting to attract some notice, but has note demonstrated a major threat potential yet. Trade ideas for tomorrow's weekly export sales report are around 1.0 to 1.4 MMT for soybeans. Jan 17 Soybeans settled at $10.49, up 1 1/4 cents; Mar 17 Soybeans settled at $10.59 1/2, up 1 3/4 cents; Dec 16 Soybean Meal settled at $319.20, down $1.00; Dec 16 Soybean Oil settled at 37.72, up 10 points.

Corn: Corn closed a touch easier. There's some trade talk of US corn heading for Brazil to shore up their supplies depleted by aggressive early season exports and a slump in safrinha production in 2015/16. Prospects look much better for 2016/17, but the crop's not made yet. Argentine weather leans a bit friendly. US weekly ethanol production rose to 1.023 million barrels per day last week (the highest production level in 14 weeks), up from 1.012 million the previous week. Ethanol demand remains unusually strong as margins remain favourable. Year to date ethanol export shipments are up 19% from last year. This could mean that the USDA will increase their corn for ethanol usage estimate in Friday’s WASDE report. Trade estimates for tomorrow's weekly export sales report for corn are running at around 700,000 and 1,000,000 MT. French corn exports in October were 435,000 MT versus 590,000 MT a year previously. The largest buyers were the Netherlands (115.1 TMT), Spain (113.5 TMT), Germany (55.3 TMT) and Belgium (54.6 TMT). According to the forecasts of FranceAgriMer, in the current season corn exports will fall to 5.14 MMT (-15.7% compared to last season). Dec 16 Corn settled at $3.50 1/2, down 1/2 cent; Mar 17 Corn settled at $3.58, down 2 1/2 cents.

Wheat: Wheat closed lower across the three exchanges. Cold temperatures continue to be forecast for US plains, but with large supplies, the trade is not too concerned. China said it sold just 6% of the 74,292 of US SRW wheat reserves offered up for sale at auction yesterday. Japan are tendering for 123,754 MT of US/Canadian wheat in their regular weekly tender. French soft wheat exports are struggling. Total October French wheat exports, including those within the EU, were down 31% at 685,000 MT. Season-to-date non-EU exports are 32% lower at just 1.8 MMT from what is usually the bloc's largest foreign seller. The Russian Ag Ministry said that this year's harvest in bunker weight was 125.1 MMT so far off 97% of the planned area. They now foresee a final clean weight harvest of 117.5-118.0 MMT, using around a 6% reduction for cleaning/screening. That would potentially give them a wheat crop of around 71.5 MMT in clean weight and see barley production at around 18 MMT (USDA 72 MMT and 18 MMT respectively). Trade estimates for tomorrow's weekly export sales for wheat are 300,000 MT and 500,000 MT. Dec 16 CBOT Wheat settled at $3.86 1/4, down 3 1/4 cents; Dec 16 KCBT Wheat settled at $3.82, down 5 cents; Dec 16 MGEX Wheat settled at $5.34, down 4 3/4 cents.



7 December 2016 | Chicago Reports
06/12/16 -- Beans closed higher, there was no "Turnaround Tuesday" today even if we did finish well off the intra-day highs. The USDA announced the sale of 198,000 MT of US soybeans for delivery to China during the 2016/17 marketing year, along with 246,000 MT to "unknown" and 132,000 MT to "unknown" for delivery during the 2017/18 marketing year. Stats Canada released a Canadian soybean production estimate of 6.46 MMT against the expected 6.2 MMT. European rapeseed prices are hitting 2 1/2 year highs on tight availability and already early concerns over plantings for 2017. Brazilian weather conditions look very good, Argentina less so. Brazil is 90% planted versus 88% last year and 80% on average at this time. The Argentine weather service is saying there's a high probability of Dec/Jan/Feb being drier than normal in central areas and Buenos Aires province, with temps normal to above normal. Jan 17 Soybeans closed at $10.47 3/4, up 4 1/4 cents; Mar 17 Soybeans closed at $10.57 3/4, up 4 1/2 cents; Dec 16 Soybean Meal closed at $320.20, up $2.50; Dec 16 Soybean Oil closed at 37.62, up 13 points.

Corn: Corn closed with small gains. The USDA reported sales of 276,000 MT of corn for delivery to South Korea during the 2016/17 marketing year under the daily reporting system. Stats Canada came out with a Canadian 2016 corn output estimate of 13.19 MMT versus the expected 13.1 MMT and compared to 13.56 MMT in 2015. Net US ethanol exports set an all-time record for the month of October and were the highest single month net export volume in 5 years at 122 million gallons the month before last. This was led by big sales to Canada and Brazil in the amounts of 35 million gallons and 43 million gallons respectively, reported FCStone. US DDG exports for October were slightly above the volume in September at 1.005 MMT. China continues to be a small customer compared to past years with only 124.7 TMT for the month, they add. Argentine weather remains a concern, although early calls on production are around 25-27% higher due to a sharp increase in plantings. Romania reported that it's 2016 corn harvest was down 5.6% on last year at 8.47 MMT due to a dry summer. In Russia, corn harvesting is 85.8% complete at 14.6 MMT. Dec 16 Corn closed at $3.51, up 1 1/2 cents; Mar 17 Corn closed at $3.60 1/2, up 1 1/4 cents.

Wheat: The wheat market closed mixed. Stats Canada put total Canadian wheat production at 31.7 MMT on a national average yield of 53.2 bu/acre. The trade was only expecting production at 30.7 MMT. This is also now 200,000 MT higher than the USDA's November estimate. ABARES ahev the Australian crop at 32.64 MMT versus the USDA’s 28.3 MMT estimate in November. Ikar cut their Russian wheat export forecast from 29 MMT to 28.5 MMT (USDA: 30.0 MMT) citing unfavourable weather and its impact on logistics, and intensified competition. "When the USDA first posited the export number for Russia it said it was a very aggressive number that required near perfection to achieve," said FCStone. Tunisia were said to have bought 117,000 MT of soft wheat for Jan/Feb shipment in a tender, along with 55,000 MT of feed barley, both of optional origin. Traders surmise that the wheat may have been most likely of Argentine or Russian origin. China only sold 15% of the 2.8 MMT of wheat reserves offered up for sale at auction. Jordan were said to have bought 50,000 MT of milling wheat of optional origin in a tender. Dec 16 CBOT Wheat closed at $3.89 1/2, up 1/4 cent; Dec 16 KCBT Wheat closed at $3.87, down 3 1/4 cents; Dec 16 MGEX Wheat closed at $5.38 3/4, up 1 1/4 cents.



6 December 2016 | Chicago Reports
05/12/16 -- Soycomplex: Beans closed with decent gains to start the week, helped out by another set of strong weekly export inspections - 1.91 MMT. Loadings to date are running 4.1 MMT ahead of a year ago vs the 3.1 MMT projected for the full marketing year by the USDA. Adding to the friendly tone was the USDA announcing export sales of 426,000 MT of soybeans for delivery to China during the 2016/17 marketing year under the daily reporting system. ABIOVE raised projected Brazilian production to 101.4 MMT (but still lower than the 102 MMT predicted by the USDA). They also cut old crop soybean production by 500,000 MT to 96.1 MMT (96.5 MMT from the USDA). Informa estimated Argentina's new crop at 56 MMT (USDA: 57 MMT). Jan 17 Soybeans closed at $10.43 1/2, up 16 cents; Mar 17 Soybeans closed at $10.53 1/4, up 16 cents; Dec 16 Soybean Meal closed at $317.70, up $7.00; Dec 16 Soybean Oil closed at 37.49, down 2 points.

Corn: The market closed with strong gains helped by a weaker US dollar and the decent gains posted by crude oil in recent sessions. There also seemed to be an element of "risk on" buying in various commodities maybe associated with the new month. Talk that South Korean buyers have been active buyers of not less than 10 cargoes of US corn in the past few days after global prices hit 2-month lows also leaned friendly. Weekly US export inspections of 1.15 MMT were better than expected too and over 3 times the level a year ago. Loadings to date are running 6.46 MMT over a year ago versus the USDA's projection for full season exports to top last year by 8.32 MMT. Informa was unchanged on Argentine corn production at 36.5 MMT, the same as the USDA. In Russia the corn harvest is 85.8% over at 14.6 MMT. APK Inform said that Ukraine seaports exported 456.4 TMT of corn last week, up from 438.1 TMT the previous week. Dec 16 Corn closed at $3.49 1/2, up 12 cents; Mar 17 Corn closed at $3.59 1/4, up 12 cents.

Wheat: The wheat market mixed, Weekly export inspections came in at 453,633 MT, 85% larger than the previous week but that was a particular poor effort. This week's total was in line with expectations. "Even though this week’s loadings were nearly double a year ago values they are running around where they are normally for this general time period. This creates a situation which will likely cause the year’s total to fall short of the USDA expectations of a yoy increase of 5.44 MMT. So far the year to date numbers is 3 MMT over a year ago," said FCStone. Wheat has been getting some support from cold weather potentially threatening the US winter crop, exposed by little snow cover. ABARES forecast a record Australian wheat harvest of 32.64 MMT this year, up almost 35% on year ago levels due to favourable weather in the east. The Russian Ag Ministry said that their 2016 wheat harvest had now reached 75.9 MMT in bunker weight off 98.2% of the planned area. Dec 16 CBOT Wheat closed at $3.89 1/4, up 1 3/4 cents; Dec 16 KCBT Wheat closed at $3.90 1/4, up 1/4 cent; Dec 16 MGEX Wheat closed at $5.37 1/2, down 5 1/2 cents.



4 December 2016 | Chicago Reports
02/12/16 -- Soycomplex: Beans closed slightly lower on the day and the best part of 20 cents easier for the week. Oil was down, but still posted decent weekly advances. Weakness in the Brazilian real and Argentine peso are bearish. Brazilian weather conditions look mostly ideal, although they are more mixed in Argentina. The latter is 46% planted compared to 54% last year at this time. There were no news US sales to China today under the daily reporting system. Maybe they are finally switching their attention to South America? Jan 17 Soybeans settled at $10.27 1/2, down 2 1/4 cents; Mar 17 Soybeans settled at $10.37 1/4, down 1 3/4 cents; Dec 16 Soybean Meal settled at $310.70, down $0.20; Dec 16 Soybean Oil settled at 37.51, down 13 points. For the week that puts nearby beans 18 1/2 cents easier, with meal down $10.10 and oil up 85 points.

Corn: Corn closed around 4-5 cents higher. Ukraine reported their corn harvest to be 90% complete at 24.2 MMT. The Ukraine Ag Ministry said that the country's total grain exports so far this season total 18.4 MMT, of which 4.5 MMT is corn. Russia's corn harvest is 85% complete at 14.4 MMT and well on the way to setting a new all-time high. Argentine corn planting is said to be 43% complete on 2.12 million ha. That's only up 2 points on the week and 9 points behind average. FranceAgriMer reported that the French corn harvest is virtually done at 99% complete compared to 98% the week prior and in line with the year on year norm. South Korea’s Nonghyup Feed Group are said to be in the market for as much as 276,000 MT of optional origin corn for March 30th through April 30th delivery. Dec 16 Corn settled at $3.37 1/2, up 5 3/4 cents; Mar 17 Corn settled at $3.47 1/4, up 4 3/4 cents. For the week Dec 16 corn was 11 3/4 cents weaker and Mar 17 fell 11 cents.

Wheat: Wheat closed higher, led by the front end in Chicago. Argentine wheat is 11.1% harvested. Stats Canada are due out with their latest production estimates on Tuesday. The average estimate for all-wheat production puts the Canadian crop at 30.7 MMT, which is the largest in three years. Algeria were said to have bought at least 120,000 MT of durum wheat for Jan/Feb shipment in a tender. Tunisia are in the market for 109,000 MT of soft wheat and 50,000 MT of feed barley. FranceAgriMer reported that 22% of the French winter wheat crop is at the early tillering stage, down from 53% this time a year ago. rench winter wheat rated good to very good was 94%, unchanged from a week ago, but 3 points down on this time in 2015. Dec 16 CBOT Wheat settled at $3.87 1/2, up 16 cents; Dec 16 KCBT Wheat settled at $3.90, up 6 cents; Dec 16 MGEX Wheat settled at $5.43, up 2 cents. For the week nearby Chicago wheat was down 8 1/4 cents, Kansas fell 21 1/4 cents and Minneapolis was up 8 3/4 cents.



1 December 2016 | Chicago Reports
30/11/16 -- South American weather looks more or less ideal. The USDA announced 123,000 MT of soybeans sold to China for delivery in the 2016/17 marketing year under the daily reporting system. Trade estimates for tomorrow's weekly export sales report are a wide looking 800,000-1,900,000 MT. Jan 17 Soybeans closed at $10.32 1/4, down 10 1/4 cents; Mar 17 Soybeans closed at $10.41 1/4, down 9 3/4 cents; Dec 16 Soybean Meal closed at $316.40, down $5.30; Dec 16 Soybean Oil closed at $36.79, up 43 points.>

Corn: The corn market closed around unchanged. The big news today came out of the OPEC meeting where it was agreed to cut production by 1.2 million barrels/day. Weekly US ethanol production was down 2,000 barrels/day, but still over 1 million barrels/day. Trade ideas for tomorrow's weekly export sales numbers are between 650,000 MT and 1.8 MMT versus 1,688,800 MT a week ago. The Russian corn harvest is 83% done at 13.9 MMT. Ukraine's corn harvest stands at 22.9 MMT off 86% of the planned area. Dec 16 Corn settled at $3.36 3/4, unchanged; Mar 17 Corn settled at $3.48 1/2, down 1/2 cent.

Wheat: The wheat market closed mixed, with spring wheat in Minneapolis again the strongest leg of the complex. Jordan are in the market for 50,000 MT of wheat from optional origin. Japan are tendering for 158,514 MT of food wheat of US, Canadian and Australian origin in their regular weekly tender. Trade estimates for tomorrow's weekly export sales report for wheat are 300,000 MT to 800,000 MT versus 712,500 MT a week ago. Rusagrotrans said that Russia had exported 3.95 MMT of grains in November - a record volume for the month and 26% more than in Nov 2015. Dec 16 CBOT Wheat settled at $3.80 1/2, down 3 1/2 cents; Dec 16 KCBT Wheat settled at $3.91 1/4, down 7 1/2 cents; Dec 16 MGEX Wheat settled at $5.39 1/2, up 5 1/4 cents.



30 November 2016 | Chicago Reports
29/11/16 -- Soycomplex: Beans closed lower in "Turnaround Tuesday" style. There was probably also an element of book-squaring an profit-taking to coincide with month end. The USDA published their baseline proijections, pegging US soybean acreas at 85.5 million next year, with yields at 47.9 bu/acre and 2017/18 ending stocks of 396 million bushels. Brazil is reported to be around 75% planted nationally with beans for their 2016/17 harvest, with leading state of Mato Grosso 97.6% done and Parana 95% complete. The crop is said to be generally in very good condition at this early stage, Argentina is 33.7% planted versus around 40% on average. There were no new USDA announcements of soybean sales today under the daily reporting system. Jan 17 Soybeans settled at $10.42 1/2, down 13 1/2 cents; Mar 17 Soybeans settled at $10.51, down 13 1/2 cents; Dec 16 Soybean Meal settled at $321.70, down $4.20; Dec 16 Soybean Oil settled at 36.36, down 35 points.

Corn: The market closed with heavy losses. The USDA's baseline numbers for next year were plantings of 90 million acres, a 170.8 bu/acre yield and 2017/18 ending stocks of 2.298 billion bushels. Brazil's full season corn is reported to be 99% planted in Parana and 90% done in Rio Grande do Sul. Argentina is 41% complete versus 49% on average at this time. Brazil's corn exports could jump 62% next season, according to their National Grain Association. Russia reported their 2016 total grain harvest to be 96.7% complete at 124.4 MMT. Corn harvesting is 82.6% done at 13.9 MMT. Ukraine's harvest is now 95% complete at 62 MMT, including 22.9 MMT of corn off 86% of the planned area. The French corn harvest is over with production expected to be no higher than 11.5 MMT this year, according to Agritel. Dec 16 Corn settled at $3.36 3/4, down 11 3/4 cents; Mar 17 Corn settled at $3.49, down 9 1/4 cents.

Wheat: The wheat market finished lower across the board. The USDA early baseline projections for wheat next year is an acreage of 48.5 million, a 47.1 bu/acre yield and 2017/18 ending stocks adding up to 993 million bushels. Egypt's GASC bought 240,000 MT of Russian wheat for early Jan shipment paying a little bit less than previously. There were no US offers. Strategie Grains forecast a recovery in EU-28 soft wheat production to 152.9 MMT next year, some 8 MMT above output in 2016. They see EU-28 soft wheat exports in 2017/18 at 30 MMT, up 5.7 MMT on this season. At the same time, exports from Russia, Ukraine and Kazakhstan collectively are currently expected to fall by some 2 MMT in 2017/18, as production there declines to trend-levels, said Agrimoney. Ukraine winter wheat is said to be 95% planted. Russia is just about finished. Dec 16 CBOT Wheat settled at $3.84, down 5 1/2 cents; Dec 16 KCBT Wheat settled at $3.98 3/4, down 12 3/4 cents; Dec 16 MGEX Wheat settled at $5.34 1/4, down 7 cents.



29 November 2016 | Chicago Reports
28/11/16 -- Soycomplex: Beans closed with fair gains, but also well off session highs which had them more than 20 cents up at once stage. Weekly export inspections came in at a very respectable total of more than 2 MMT, down more than 20% on last week, but still larger than the same week a year ago. This was towards the top end of trade expectations. There were no new USDA sales announcements today. The usual Friday weekly commitment of traders report was delayed until today due to last week's Thanksgiving Day holiday. Managed money was seen adding 15,467 contracts to their net long position for the week through to Tuesday night. They will have added more since then. Jan 17 Soybeans settled at $10.56, up 10 cents; Mar 17 Soybeans settled at $10.64 1/2, up 10 cents; Dec 16 Soybean Meal settled at $325.90, up $5.10; Dec 16 Soybean Oil settled at 36.71, up 5 points.

Corn: Corn closed around unchanged. Weekly export inspections of 800,967 MT were towards the lower end of what the trade was anticipating. In Russia, corn harvesting is 82% done at 13.7 MMT. Ukrain is 84% complete at 22.4 MMT. Both are stepping up their foreign corn shipments. APK Inform said that Ukraine seaports exported 836.3 TMT of grains last week, up from 616.7 TMT the previous week. That included 438.1 TMT (52%) of corn. Russia's grain exports via seaports totalled 436.1 TMT last week including 67.7 TMT of corn. Brazilian weather conditions remain near perfect. Chinese customs data shows that they imported 2.99 MMT of corn Jan/Oct, a 35% reduction compared to a year previously. Almost all of that came from Ukraine. The commitment of traders report shows managed money reducing their net short in corn futures and options by 24,762 contracts for the week through to Tuesday night. Dec 16 Corn settled at $3.48 1/2, down 3/4 cent; Mar 17 Corn settled at $3.58 1/4, unchanged.

Wheat: Wheat closed mixed, with Chicago the loser and Kansas and Minneapolis around unchanged to as much as 7 cents higher. Weekly export inspections of only 221,985 MT were poor. Chinese customs data shows that they stepped up their wheat imports Jan/Oct to a cumulative 3.12 MMT, up 22% on the same period in 2015. That largest suppliers were Australia, Canada and the US. This came at the expense of barley imports however which were down 57% at 4.18 MMT. The largest suppliers here were Australia, France and Canada. The USDA put 58% of the US winter wheat crop in good to excellent condition, unchanged on a week ago. They said that 92% of the crop is emerged, exactly in line with the 5-year average. The commitment of traders report shows managed money reducing their overall net short in CBOT wheat by 18,131 contracts for the week through to Tuesday night. Dec 16 CBOT Wheat settled at $3.89 1/2, down 6 1/4 cents; Dec 16 KCBT Wheat settled at $4.11 1/2, up 1/4 cent; Dec 16 MGEX Wheat settled at $5.41 1/4, up 7 cents.



28 November 2016 | Chicago Reports
25/11/16 -- Soycomplex: Soybeans closed higher the day after Thanksgiving, as is frequently the case. Strong weekly export sales of 1,898,600 MT for 2016/17 were up 35 percent from the previous week and 11 percent from the prior 4-week average. Exports of 2,808,200 MT were down 7 percent from the previous week but still mighty impressive. China too over 2 MMT of this week's total. Other than that fresh news was light and trade was thin with many dealers taking the opportunity to book a long weekend. Jan 17 Soybeans closed at $10.46, up 11 3/4 cents; Mar 17 Soybeans closed at $10.54 1/2, up 11 1/2 cents; Dec 16 Soybean Meal closed at $320.80, up $4.40; Dec 16 Soybean Oil closed at 36.66, down 19 points.

Corn: The corn market closed around a cent or so lower. As with beans, fresh news was thin on the ground, and so too were traders. Argentina reported that their corn crop was 41.1% planted of the anticipated 4.9 million ha. Weekly export sales came in at 1,688,800 MT for 2016/17, up 2 percent from the previous week and 31 percent from the prior 4-week average. The trade was expecting sales of 900 TMT to 1.2 MMT. Exports of 591,800 MT were up 9 percent from the previous week, but down 16 percent from the prior 4-week average. FranceAgriMer said that the French corn harvest was 98% complete, up 3 points in a week and the same as this time a year ago. In Russia, corn harvesting is now 80.5% complete at 13.4 MMT. Dec 16 Corn closed at $3.49 1/4, down 1 1/2 cents; Mar 17 Corn closed at $3.58 1/4, down 1 cent.

Wheat: The wheat market closed mixed, higher in Minneapolis and lower in Kansas and Chicago. Minneapolis gets a boost from the continued problems experienced by Canadian growers getting the last of their spring wheat harvest in. Some 6% of the crop is still in the field in Saskatchewan. For once weekly export sales were much better than expected at 712,500 MT for delivery in marketing year 2016/17. These were up 19 percent from the previous week and 27 percent from the prior 4-week average. Exports of 379,500 MT were down 6 percent from the previous week, but up 11 percent from the prior 4-week average. Argentina's wheat crop is reported at 17.7% harvested. Dec 16 CBOT Wheat closed at $3.95 3/4, down 5 3/4 cents; Dec 16 KCBT Wheat closed at $4.11 1/4, down 4 1/4 cents; Dec 16 MGEX Wheat closed at $5.34 1/4, up 7 cents.



24 November 2016 | Chicago Reports
23/11/16 -- Soycomplex: Beans closed higher in pre-Thanksgiving trade as soyoil surged following the decision by the EPA to raise the biofuels requirements to 19.28 billion gallons for 2017 versus 18.11 billion this year. Strong Chinese crush margins and the weak Chinese yuan added support. The prospect of another record Brazilian crop down the line caps gains though. Rabobank forecast US soybean prices of $10.70/bushel this spring. Funds were estimated as finishing net buyers of 3,000 lots of soybeans on the day. Jan 17 Soybeans closed at $10.34 1/4, up 4 1/4 cents; Mar 17 Soybeans closed at $10.43, up 4 1/4 cents; Dec 16 Soybean Meal closed at $316.40, down $8.50; Dec 16 Soybean Oil closed at 36.85, up 237 points.

Corn: The market closed with little change heading into the holiday. Markets are closed tomorrow for Thanksgiving and trade will be thin on Friday. The US Energy Dept reported daily ethanol production last week was 1.014 million barrels, down 3,000 bpd on the previous week. South Korea's KOCOPIA are in the market for 50,000 MT of optional origin corn for March shipment. South Africa are forecasting corn plantings up 35% this year following drought reduced sowings a year ago. In Russia, where corn harvesting is ongoing, the Ag Ministry reported things at 78.8% complete for a crop of 13.1 MMT to date. Dec 16 Corn closed at $3.50 3/4, down 1/4 cent; Mar 17 Corn closed at $3.59 1/4, up 1/4 cent.

Wheat: The wheat market ended mixed but mostly lower. The Indonesia Ag Ministry is aiming for no corn imports in 2017, as a drive towards achieving self-sufficiency. They could import 35% more feed wheat as a result it is thought. Jordan cancelled their tender for 100,000 MT of optional origin hard wheat and immediately re-tendered for the same. Bangladesh are said to have agreed to buy 200,000 MT of Russian wheat. Japan bought 20,300 MT of feed wheat of optional origin for December shipment. Rabobank forecast CBOT wheat prices in the final quarter of 2017 at $4.60/bushel. Dec 16 CBOT Wheat closed at $4.01 1/2, down 5 3/4 cents; Dec 16 KCBT Wheat closed at $4.15 1/2, down 1 cent; Dec 16 MGEX Wheat closed at $5.27 1/4, up 1/4 cent.




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