Chicago Close - Monday
19/09/16 -- Soycomplex: Soybeans closed higher on strong demand and fears of a late start to the 2016 harvest further tightening the old crop supply situation. Weekly export inspections of 755,120 MMT were good, albeit down 20% from last week, they were still 50% larger than the same week in 2015. Inspections to date are running 212% ahead of last year at 1.9 MMT. The USDA reported weekly crop conditions unchanged at 73% good to excellent. The 2016 harvest was said to be 4% complete as of Sunday night (versus 5% normally) and the proportion of the crop dropping leaves is 46% against 43% normally at this time). Nov 16 Soybeans settled at $9.72 1/2, up 6 1/2 cents; Jan 17 Soybeans settled at $9.77 3/4, up 6 1/2 cents; Oct 16 Soybean Meal settled at $311.90, down $1.80; Oct 16 Soybean Oil settled at 32.83, up 85 points.
Corn: The corn market closed with marginal gains. Weekly export inspections of 1.285 MMT were down slightly from the previous week, but 75% larger than the same week in 2015. Export pace is so far running well ahead of last year. The USDA reported US corn crop conditions unchanged at 74% good to excellent. They said that nationally the crop is 9% harvested against 12% normally. They have 53% of the crop mature, 5 points ahead of the norm for this time. The crop is 93% dented compared to 91% typically. Ukraine said that it had exported 583 TMT of corn so far this season. Russia has exported only 94 TMT. Russia's new crop corn harvest is now said to be 14% complete at 2.1 MMT. Private exporters reported to the USDA export sales of 191,000 MT of corn for delivery to Mexico during the 2016/2017 marketing year under the daily reporting system. Dec 16 Corn settled at $3.37 1/4, up 1/4 cent; Mar 17 Corn settled at $3.47 1/2, up 1/4 cent.
Wheat: The wheat market closed narrowly mixed. As expected Egypt picked up zero in their zero tolerance to ergot tender, with no offers made. Weekly export inspections came in at 562,215 MT, below both a week ago and a year ago. Russia's exports via seaports dipped off to only 229.4 TMT last week, including just 112.9 TMT of wheat. They are going to miss Egypt more than anybody as things stand. There's continued talk that despite bumper production this year (they're currently said to have harvested 72 MMT of wheat off less than 90% of the planned area) quality isn't great, which could also be having an adverse affect on exports. Another country whose exports are down in Canada. The Canadian Wheat Board put their exports so far this season (starting August) at 1.47 MMT, down 34% on the same period in 2015/16. Low prices mean than US growers will sow the smallest winter wheat acreage since 1913, according to Farm Futures Magazine. Winter wheat is currently 16% planted said the USDA. Spring wheat harvesting is 98% complete. Dec 16 CBOT Wheat settled at $4.04, up 3/4 cent; Dec 16 KCBT Wheat settled at $4.16 1/2, down 3/4 cent; Mar 17 MGEX Wheat settled at $5.02, down 3/4 cent.