Chicago Presses Lower

05/08/13 -- Soycomplex: Informa forecast this year's soybean production at 3.266 billion bushels, down from its outlook in July of 3.376 billion and below the USDA's current outlook of 3.420 billion. Doane Advisory Services estimated the 2013 US soybean crop at 3.333 billion bushels vs. the USDA estimate at 3.42 billion. They have the yield at 43.2 bu/acre vs. the USDA estimate of 44.5 bu/acre. China to auction 500 TMT of beans from reserves on Thursday. Safras e Mercado said as of Friday Brazil had sold 84% of their old crop beans vs. 95% a year ago and vs. average of 82%. They said as of Friday Brazil has sold 17% of their new crop beans vs. 39% a year ago and vs. 15% average. Abiove estimated Brazil’s ‘13/14 bean exports at a record high 39.5 MMT vs. previous estimate of 39.0 MMT. They have Brazil’s ‘13/14 bean production at a record high of 81.6 MMT. The USDA reported good/excellent soybean conditions up one point to 64%. Aug 13 Soybeans closed at USD13.29 3/4, down 1 1/4 cents; Nov 13 Soybeans closed at USD11.83 1/4, up 1 3/4 cents; Aug 13 Soybean Meal closed at USD402.60, down USD9.50; Aug 13 Soybean Oil closed at 42.72, up 34 points.

Corn: Rainfall in the Midwest over the weekend was a little disappointing, but there's a good chance for rains over the next two weeks. Informa pegged 2013 US corn production at a record large 14.140 billion bushels, down from its forecast in July for 14.259 billion and above the U.S. Department of Agriculture's current outlook of 13.950 billion bushels. Doane Advisory Services estimated the crop at 14.269 billion bushels, using a yield of 161.2 bu/acre vs. the USDA estimate of 156.5 bu/acre. Reuters reported that Green Plains Renewable Energy will temporarily shut down nine of its 10 ethanol plants for maintenance during the next two months as corn supplies tighten ahead of the U.S. harvest. Crop progress from the USDA after the close showed 86% of the crop silking versus 89% on average. Good/excellent improved a point to 64% - last year that was only 23%. Sep 13 Corn closed at USD4.69 1/4, down 6 3/4 cents; Dec 13 Corn closed at USD4.60 1/2, down 3 1/4 cents - it's lowest level since 2010.

Wheat: Wheat closed sharply lower. Ukraine's state-run GPZKU company announced that they are to export 200 TMT of wheat to Bangladesh in ‘13/14. Reuters reported that Informa forecast 2013 U.S. winter wheat production at 1.547 billion bushels, up from the July outlook for 1.476 billion, and pegged hard red winter wheat output at 797 million bushels, above its previous forecast for 730 million. The firm pegged soft red winter wheat output at 540 million and spring wheat production at 520 million. Morocco's government said that it had bought 160 TMT of soft wheat on the domestic market. They are expected to import less wheat in 2013/14 following a bumper harvest. Egypt is tendering again tonight. After the close, the USDA said that 87% of the winter wheat crop is harvested, just above the 86% average. Spring wheat condition ratings were unchanged at 68% good/excellent. Sep 13 CBOT Wheat closed at USD6.45 1/4, down 15 1/4 cents; Sep 13 KCBT Wheat closed at USD6.95 1/2, down 11 1/4 cents; Sep 13 MGEX Wheat closed at USD7.35 1/2, down 5 3/4 cents.