Chicago Close - Monday

18/03/13 -- Soycomplex: The soybean market began the week as it spent all of last week, closing lower for a sixth session in a row. The dollar was firmer following the announcement of the Cypriot bailout, which didn't help. Further risk-off moves out of commodities saw funds dump an estimated 7-8,000 soybean contracts on the day. Weekly export inspections were very disappointing at only only 8.927 million bushels, the lowest of 2012/13 so far in fact.Worries about Chinese demand were spurred on by news that end February pig numbers there were down 1.9% compared with the end of January and down 1.3% vs February 2012. Agrural estimated the Brazilian soybean crop at 82.1 MMT and said 54% of the Brazilian bean harvest is complete vs 55% a year ago. Safras e Mercado said that the Brazilian harvest is 58% complete vs 48% a week ago, vs 55% a year ago and the five year average of 42%. Mato Grosso is 87% complete vs 71% on average at this time. May 13 Soybeans closed at USD14.09 1/2, down 16 1/2 cents; Jul 13 Soybeans closed at USD13.94 1/2, down 16 1/4 cents; May 13 Soybean Meal closed at USD413.30, down USD5.50; May 13 Soybean Oil closed at 49.68, down 23 points.

Corn: Outside influences saw corn open lower but close higher, continuing with last week's theme of doing the opposite to soybeans. Weekly export inspections of 15.399 million bushels were up on last week and at the upper end of trade estimates of 10-15 million. Even so this was below the 17.9 million bushels required to meet the USDA's 825 million bushels export target. Safras e Mercado pegged the Brazilian corn crop at 77.341 MMT, which is well above the USDA's estimate of 72.5 MMT. Argentina is seen dry this week, which will help advance a corn harvest that's 14% complete so far, according to the Buenos Aires Grain Exchange. Rain is forecast this week for southern and northwestern areas of Brazil. Harvesting should slow once again as a result, say MDA CropCast. South Korea's largest feed manufacturer, NOFI, said that their feed import needs are covered until July. Valero are said to have reopened it's idled ethanol plant in Bloomingburg, Ohio. They are also said to be preparing to bring an Indiana facility back online in the coming weeks as increasing numbers of US plants come out of mothballs. May 13 Corn closed at USD7.20, up 3 cents; Jul 13 Corn closed at USD7.03 1/4, up 3 cents. Funds were said to have been net buyers of around 2-4,000 contracts on the day.

Wheat: Unlike corn, wheat opened lower on outside influences and stayed there for the duration of the session. Weekly export inspections of 23.947 million bushels were bang in line with expectations of 21-27 million. The 2013 US winter wheat harvest is drawing a little closer. The Kansas wheat crop has started to green up with the warmer temperatures. The crop was said to be 3 percent jointed, compared to 11 percent a year ago and 5 percent average in the latest crop progress report. The condition of the crop was rated as 10 percent very poor, 19 percent poor, 42 percent fair, 27 percent good, and 2 percent excellent. That puts good/excellent up two percentage points on the week. Jordan are looking for 100 TMT of optional origin milling wheat and a similar volume of optional origin feed barley for May/June shipment. Algeria seeks 50 TMT of optional origin milling wheat for June shipment and Tunisia are shopping for 67 TMT of optional origin soft wheat for April/May shipment. France would be the usual suspect to win the latter two bits of business. Egypt's Ag Minister estimated Egypt’s 2013 wheat crop at 9.475 MMT. Fund selling in CBOT wheat was estimated at around 3,000 lots on the day. May 13 CBOT Wheat closed at USD7.12 3/4, down 10 1/4 cents; May 13 KCBT Wheat closed at USD7.44 1/4, down 7 1/4 cents; May 13 MGEX Wheat closed at USD7.88 3/4, down 7 1/2 cents.