Chicago Eases On Expectations For Rapid Planting Progress

16/04/12 -- Soybeans: May 12 Soybeans closed at USD14.20, down 16 3/4 cents; Nov 12 Soybeans closed at USD13.50, down 11 3/4 cents; May 12 Soybean Meal closed at USD391.40, down USD4.40; May 12 Soybean Oil closed at 55.66, down 86 points. Funds sold an estimated 6,000 soybean contracts on the day, but still remain heavily long. The March NOPA crush figure of 140.5 million bushels was up on last month but -23 million below expectations. The usual Monday night crop progress report is delayed until tomorrow, with soybean plantings expected to be around 5% complete. Celeres estimate the Brazilian soybean harvest at 88% done, three points ahead of normal for this time of year. Farmers there like these prices and are already 72% sold they say, well ahead of 60% normally.

Corn: May 12 Corn closed at USD6.23 1/4, down 6 cents; Dec 12 Corn closed at USD5.26 1/4, down 10 3/4 cents. Funds dumped an estimated 9,000 contracts on the day ahead of what will now be tomorrow's crop progress report. That us expected to show corn plantings in the region of 20% done, which would be a record early pace. Weekend rains and more in the forecast w=for the week ahead are seen getting this crop off to the best possible start. You will recall of course that the USDA estimate the largest corn acreage since 1937 this year, potentially giving us a bin buster if US farmers get anything close to trendline yields. old crop remains tight though, and today's export inspections of 42.875 million bushels was well ahead of trade expectations.

Wheat: May 12 CBOT Wheat closed at USD6.16 1/4, down 7 1/4 cents; May 12 KCBT Wheat closed at USD6.30 1/2, down 12 1/2 cents; May 12 MGEX Wheat closed at USD8.15 1/2, down 8 3/4 cents. Funds were said to have increased their CBOT wheat short by around 3,000 contracts on the day. The rescheduled crop progress report is expected to show spring wheat plantings jumping from 21% done last week to as high as 50% completed now. As with corn weather conditions are seen as favourable for the newly planted crop. The USDA Export Inspections Report was delayed, but did manage to get released, at 25.75 million bushels it leaves wheat exports well off of last year's pace. Wetter weather for Europe over the weekend and throughout the coming week should ease some of the concerns over winter wheat here.