Chicago Grains End With Mostly Minor Losses

01/02/16 -- Soycomplex: Beans closed with small losses. Weekly export inspections of 1.153 MMT were a bit better than expected (800 TMT to 1 MMT), underlying the recent theme. The USDA reported a 167 million bu December US soybean crush versus expectations of 167.7 million. In Brazil, the Mato Grosso soybean crop is said to be 8% harvested compared to 11% last year, with yields improving after a lower start. Mar 16 Soybeans settled at $8.80 3/4, down 1 1/2 cents; May 16 Soybeans settled at $8.82 1/4, down 2 1/4 cents; Mar 16 Soybean Meal settled at $271.00, down $1.40; Mar 16 Soybean Oil settled at 30.76, down 12 points.

Corn: The corn market also closed marginally weaker. Weekly export inspections of 681,807 MT were in line with trade ideas. YTD inspections however are still 20.4% smaller than they were in 2014/15 at this time. News out of China’s industrial sector continues to underscore the economic weakness. Little of what corn they do import in 2015/1 is likely to be of US origin. Mar 16 Corn settled at $3.71 1/4, down 3/4 cent; May 16 Corn settled at $3.75 3/4, down 1 cent.

Wheat: The wheat market closed around 4-5 cents lower. Weekly export inspections of 281,936 MT were in line with what was expected, and offer little great hope for a pick up in US export activity any time soon. Israel is tendering for 105,000 MT of optional origin wheat. Egypt formally rejected a cargo of French wheat for ergot. GASC tendered for wheat with the results expected tomorrow. May 16 CBOT Wheat settled at $4.80 1/2, down 4 1/2 cents; May 16 KCBT Wheat settled at $4.76 3/4, down 5 1/2 cents; May 16 MGEX Wheat settled at $5.00 3/4, down 4 3/4 cents.