Soycomplex
Beans closed around 7 to 8 cents lower. Weekly export inspections were 1.82 MMT, down from 2.2 MMT a week ago, but still a decent volume. Year-to-date exports are now 25.567 MMT versus 20.879 MMT this time last year. The November NOPA crush came in at 161.2 million bushels. This was below trade expectations, but still a record for the month.
South American weather looks friendly. "The forecast calls for above average rainfall in the majority of Brazil soybeans, favouring the interior of the country," said Martell Crop Projections. The FSA reported the 2014 US soybean "prevent planted" area at 841,000 acres versus the November figure of 839,000 acres and 1.702 million acres a year ago. They put the 2014 planted area at 81.626 million acres versus the November figure of 81.392 million and 75.277 million in 2013. Jan 15 Soybeans closed at $10.39 1/2, down 7 3/4 cents; Mar 15 Soybeans closed at $10.46, down 7 3/4 cents; Jan 15 Soybean Meal closed at $365.40, down $1.60; Jan 15 Soybean Oil closed at 32.27, down 9 points.
Corn
The corn market closed with small gains, aided by spillover support from wheat. Weekly export inspections were fairly modest at 546,515 MT. Talk that China will finally approve MIR 162 corn and its by-products was friendly. So too is continued chatter that Ukraine is struggling to supply China with all their existing purchases on time, and of the quality they demand.
The FSA reported the number of US 2014 "prevent plant" area at 1.606 million acres versus the November figure of 1.594 million and 3.614 million in 2013. They put the US 2014 corn planted area at 86.285 million acres versus the November figure of 85.842 million and 92.359 million a year ago. Russia said that their 2014 corn harvest was effectively concluded at 11.6 MMT, with yields averaging 4.56 MT/ha versus 5.28 MT/ha a year ago. APK Inform estimated Ukraine's 2014/15 corn exports at 18 MMT, down 8.8% from a year ago. Corn continues to do its best to ignore plunging global crude oil prices. Mar 15 Corn closed at $4.08 1/2, up 1 cent; May 15 Corn closed at $4.16 1/2, up 3/4 cent.
Wheat
The wheat market closed with decent gains. Belief is growing that although Russia probably will not issue an all out export embargo, they will introduce export restrictions in one form or another, whether covertly or otherwise. The Russian rouble fell to yet another fresh all time low against the US dollar today. The FSA reported the US 2014 "prevent plant" wheat area at 1.38 million acres versus the November figure of 1.379 million and 2.013 million a year ago.
Plantings were put at 53.521 million acres versus the November figure of 53.451 million and compared to 53.775 million a year ago. APK Inform estimated Ukraine's 2014/15 wheat exports at 10.8 MMT, a 16.4% increase on a year ago. Weekly US export inspections of 385,974 MT were up 42.8% from the previous week, but still no better than routine. EU winter wheat conditions have taken a turn for the worse with increasing dryness in Germany, Poland and the Czech Republic, but also extreme wetness in the Mediterranean countries Italy Romania and Hungary, say Martell Crop Projections. Mar 15 CBOT Wheat closed at $6.19, up 12 1/2 cents; Mar 15 KCBT Wheat closed at $6.47, up 12 3/4 cents; Mar 15 MGEX Wheat closed at $6.32 1/2, up 11 3/4 cents.
