Chicago Grains End Lower
16/06/16 -- Soycomplex: Beans closed lower. The move came despite the USDA reporting net weekly export sales of 816,400 MT for 2015/2016, up 8 percent from the previous week and 57 percent from the prior 4-week average. There were also new crop sales of 768,600 MT reported primarily for China (475,000 MT) and unknown destinations (185,000 MT). Actual export of 124,800 MT weren't too bright though. Jul 16 Soybeans settled at $11.34 1/2, down 21 1/2 cents; Nov 16 Soybeans settled at $11.19 1/4, down 19 1/4 cents; Jul 16 Soybean Meal settled at $397.70, down $9.50; Jul 16 Soybean Oil settled at 31.16, down 80 points.
Corn: The market closed lower. Weekly export sales of sales of 909,700 MT for 2015/2016 were down 39 percent from the previous week and 36 percent from the prior 4-week average. For 2016/2017, net sales of 178,700 MT were reported for unknown destinations (42,700 MT), Mexico (40,000 MT), Japan (30,500 MT), and Panama (21,500 MT). Exports of 1,507,900 MT were a marketing-year high and were up 27 percent from the previous week and 42 percent from the prior 4-week average. Jul 16 Corn settled at $4.25 1/4, down 3 3/4 cents;p Sep 16 Corn settled at $4.30 1/2, down 3 1/2 cents.
Wheat: The wheat market finished lower. Weekly export sales of 762,900 MT were reported for delivery in marketing year 2016/2017, which was better than expected. Exports of 351,800 MT were reported to Japan (74,300 MT), the Philippines (50,500 MT), Mexico (46,300 MT), Nigeria (43,200 MT), Guatemala (36,900 MT) and Peru (34,400 MT). Saudi Arabia are tendering for 300,000 MT of hard wheat. Algeria bought 150,000 MT of optional origin (EU/Black Sea?) wheat for new crop shipment. Japan bought US/Canadian/Oz wheat. Egypt might be back in the market soon it is thought. Sep 16 CBOT Wheat settled at $4.84 3/4, down 4 3/4 cents; Sep 16 KCBT Wheat settled at $4.68 1/2, down 6 cents; Sep 16 MGEX Wheat settled at $5.38 3/4, down 1 3/4 cents.