Chicago Soybeans Extend Rally

22/11/16 -- Soycomplex: Beans closed around 10 cents higher. There were no daily soybean export sales, but the USDA did announce 30,000 MT of soybean oil for delivery to China during the 2016/17 marketing year. Brazilian soybeans are said to be 77% planted versus 70% a year ago and 76% on average. The top producing state of Mato Grosso is 95.5% done versus 89.7% a year ago. Parana is 90% complete versus 80% a year ago. Argentine beans lag a little, they are 24.2% sown versus 33% on average and 32% this time last year. Funds were credited with being net buyers of 11,000 contracts of soybeans on the day. Jan 17 Soybeans settled at $10.30, up 9 3/4 cents; Mar 17 Soybeans settled at $10.38 3/4, up 10 1/4 cents; Dec 16 Soybean Meal settled at $324.90, up $5.20; Dec 16 Soybean Oil settled at 34.48, down 16 points.

Corn: Corn closed around a cent or so higher. Argentina reported that their corn crop was 40.3% planted versus 37% last year and 48% on average at this time. Ukraine reported that their grain harvest was 94% complete at 60.15 MMT. That includes 79% of this year's corn for a crop of 21.03 MMT so far. Russia said that it's harvest was 96.2% complete at 122.8 MMT, including 12.4 MMT of corn (74.8% harvested). The French corn harvest is just about over with a crop of no more than 12 MMT expected according to Agritel. Funds were credited with buying 5,000 contracts of corn during the session. Weekly US ethanol production data from the US Energy Dept is due tomorrow. Output was just over 1 million/day last week. Dec 16 Corn settled at $3.51, up 1 1/4 cents; Mar 17 Corn settled at $3.59, up 1 1/4 cents.

Wheat: Wheat closed mixed. Despite bumper production this year, Russia's exports are lagging year ago levels. SovEcon lowered its forecast for 2016/17 Russian wheat exports to 29 MMT from 30 MMT previously. This year's Russian wheat harvest is said to be 98.1% complete at 75.8 MMT. India are reported to have been active buying Ukraine wheat lately, booking around 1 MMT in recent weeks. Traders there say that this year's Indian wheat harvest was likely only around 88 MMT versus the official government estimate of 93.5 MMT. Taiwan are in the market for 85,000 MT of US milling wheat for Jan/Feb shipment. Around 10% of the spring wheat crop in Canada is thought likely to be still out in the fields. Dec 16 CBOT Wheat settled at $4.07 1/4, down 3 cents; Dec 16 KCBT Wheat settled at $4.16 1/2, up 2 cents; Dec 16 MGEX Wheat settled at $5.27, up 1/4 cent.