Chicago Closing Comments - Friday
23/11/12 -- Soycomplex: Jan 13 Soybeans closed at USD14.18 3/4, up 10 1/2 cents; Mar 13 Soybeans closed at USD14.03, up 9 1/4 cents; Dec 12 Soybean Meal closed at USD428.60, up USD0.70; Dec 12 Soybean Oil closed at 49.04, up 51 points. On the week overall Jan 13 beans were 35 1/2 cents firmer, Dec 12 meal was up USD4 and Dec 12 bean oil was just shy of 200 points firmer. Weekly export sales of 543,600 MT were in line with trade expectations of 400-650 TMT. Catching the eye once again though were actual shipments of almost 2 MMT (with over 1.3 MMT of that heading for China). That's the ninth successive weekly increase in soybean exports, and eight of those have been in excess of 1 MMT. It is also the largest weekly volume shipped since March 2009. Only 11 weeks into the marketing year the US has already exported 13.6 MMT of soybeans, with a similar volume also already sold but unshipped. That takes 2012/13 commitments to 74% of the USDA's target for the entire season with 79% of it still remaining.
Corn: Dec 12 Corn closed at USD7.45 1/2, up 4 1/2 cents; Mar 13 Corn closed at USD7.49 3/4, up 4 1/2 cents. For the week Dec 12 corn was 18 1/2 cents firmer. There was thin trade in a shortened open outcry session following yesterday's Thanksgiving Day holiday. Weekly export sales of 769,800 MT for the 2012/13 marketing year and 188,800 MT for delivery in 2013/14 for once comfortably exceeded trade estimates of 250-500 TMT and were the largest weekly old crop sales since April - 31 weeks ago. Actual shipments were just shy of 400 TMT. Year-to-date exports plus outstanding sales are only 11.9 MMT though, less than a third of those for soybeans. That represents only 38% of the USDA's projected full season exports target of 31 MMT.
Wheat: Dec 12 CBOT Wheat closed at USD8.47 3/4, up 2 1/2 cents; Dec 12 KCBT Wheat closed at USD8.78 1/4, up 2 cents; Dec 12 MGEX Wheat closed at USD9.13 3/4, down 1/4 cent. For the week overall Chicago wheat was 9 3/4 cents higher, with Kansas wheat up 2 1/4 cents and Minneapolis 4 cents firmer. Weekly export sales were 635,400 MT for the 2012/13 marketing year - the best total for 16 weeks - and 22,000 MT for 2013/14, beating trade estimates for sales of 200-450 TMT. Total shipments plus outstanding sales are 52% of the USDA's full 2012/13 export target of 30.5 MMT twenty four weeks into the season. Sales aren't actual exports however, shipments this week were only 330 TMT.
