Chicago Closing Comments - Tuesday

23/10/12 -- Soycomplex: November beans closed 6 3/4 cents higher at USD15.53 1/4. Meal was USD5-6 higher and oil down around 20-35 points. The Rosario Exchange said heavy rains in Argentina may continue to delay soybean plantings, although the 6-10 day weather forecast for is drier. Southern Brazil is dry, slowing new crop bean plantings.

Corn: Corn closed around 5-3 cents lower on global economic concerns and harvest pressure. The USDA last night pegged the US corn harvest at a record 87% complete versus just 49% normally. The USDA announced that 270 TMT of corn sold to Mexico that was previously reported as optional origin was being switched to non-US origin, presumably either Brazilian or Argentine. Excessive wetness in the latter remains a problem, whilst parts of Brazil are still too dry.

Wheat: Chicago wheat closed around 2-3 cents weaker. Iraq's wheat crop was estimated 12% down this year at 2.1 MMT due to dryness. They are seen importing a record 5.3 MMT of cereals in the 2012/13 crop year, according to the FAO. US winter wheat planting is in line with schedule, but emergence lags normal as farmers scan the skies for rain. There isn't much of that in the forecast for the Great Plains.