Chicago Grains Mostly Firmer, As US Sells Wheat To China

14/03/15 -- Soycomplex: Beans closed around unchanged levels. Weekly export inspections of 715,186 MT were fair for the time of year. Season to date inspections are only 6.7% smaller than this time last year. The USDA currently predicts these falling more than 8% for the 2015/16 season. Brazil's harvest is seen past halfway done at 52% complete. The Brazilian real made a slight correction today. The monthly US NOPA Crush report is due out tomorrow. Mar 16 Soybeans settled at $8.88 and Mar 16 Soybeans settled at $8.88, both unchanged; Mar 16 Soybean Meal settled at $268.10, down $3.90,l Mar 16 Soybean Oil settled at 32.25, up 32 points.

Corn: The corn market closed firmer, especially on the deferred positions. Weekly export inspections were OK at 804,499 MT, being down 17% from last week, but 9.4% larger than the same week in 2015. Season to date inspections of 16.54 MMT are still lagging 19% behind the 2014/15 pace. Ukraine's total grain exports via seaports fell to 532 TMT from 776 TMT the previous week. Corn accounted for 414.6 TMT, or 78%. Russian seaports exported 543 TMT worth of grains last week, down from 597 TMT the previous week, and including 157 TMT, or 29%, of corn. Crude oil was back on the defensive today, but still stands more than 40% up off the mid-Feb lows. Mar 16 Corn settled at $3.66 3/4, up 3/4 cent; May 16 Corn settled at $3.68 3/4, up 3 3/4 cents.

Wheat: The wheat market closed higher. Weekly export inspections of 406,577 MT were fair, but the fact that fund money is short, and doesn't seem to fancy pressing that short to the downside any more just yet, is what's supporting the market. Marketing year to date inspections are now 12.5% behind the pace set during the 2014/15 marketing year. The drier outlook for areas of the Western Plains leans supportive. Private exporters reported to the USDA this morning that 100,000 MT of US HRS was sold to China this morning for 2015/16 delivery, which was friendly. Russia said that they'd exported 357 TMT of wheat via seaports last week, Ukraine exporters shipped out 117.3 TMT. May 16 CBOT Wheat settled at $4.78 3/4, up 3 cents; May 16 KCBT Wheat settled at $4.89, up 6 cents; May 16 MGEX Wheat settled at $5.21 1/4, up 6 cents.