Chicago Mixed In Light Consolidation

13/11/12 -- Soycomplex: Beans closed mixed with nearby Nov 12 16 cents firmer at USD14.27, but Jan 13 was 2 1/4 cents lower at USD13.85 3/4. Meal was USD1-2 firmer and oil 20-40 points weaker. Market jitter continued for a third day, albeit not quite as acutely as on Friday and Monday. CNGOIC estimated China’s November bean imports at 4.8 MMT versus 4.03 MMT in October and substantially better than the kind of numbers that were being touted around before the market slumped by more than USD3/bushel. Weekly export inspections, delayed a day due to the Veteran's Day holiday were robust yet again at 64 million bushels, showing why the USDA has been forced to increase their US export projections for 2012/13 by 7.9 MMT since the September WASDE report. The US soybean harvest is 96% done said the USDA after the close versus 93% normally at this time.

Corn: Nearby Dec 12 corn closed 5 1/2 cents firmer at USD7.23 1/5, with r 13 up 4 cents at USD7.26 1/4. Weekly US export inspections for corn were poor at only 9.5 million bushels, continuing with the recent theme, and missing the nearly 24 million needed to hit USDA target by some distance. The Ukraine Ag Ministry said as of Nov 12th 85% of the corn harvest is in producing 17.1 MMT of corn to date. The average yield is 4.54 MT/ha, down 25% on a year ago. The USDA announced the sale of 158,496 MT of US corn to unknown for 2012/13 delivery. South Korea is shopping for optional origin corn for May shipment. Celeres placed Brazil’s 2012/13 corn planting pace at 61% complete, ten points lower than Safras and 13 points behind last year's pace.

Wheat: Weekly export inspections for wheat were below even last week's modest total of 14 million bushels at just 10.5 million and well short of the volume needed to hit the USDA's 2012/13 target. Russia sold 63,315 MT of wheat from its intervention stocks, making the total sold since October 23rd 376,764 MT. The Ukraine Ministry said that this season's grain harvest is 95% complete at 43.4 MMT - down 16% from a year ago. They re-iterated their forecast for final production of 45.5-46.5 MMT versus 56.7 MMT in 2011. Japan is looking for 195 TMT of mostly US milling wheat in a regular weekly tender. US Plains wheat areas are forecast dry for the week ahead. US winter wheat conditions are now only 36% good/excellent, down three points from a week ago. Plantings are 95% done versus 94% normally.