Chicago Closing Comments - Thursday
14/08/14 -- Soycomplex: Beans closed higher, save for the expiring and thinly traded Aug 14 which went off the board 40 cents lower. Aug 14 meal also posted a technical close. Weekly export sales came in at 61,400 MT of old crop and 1.08 MMT of new crop. Expectations were for a combined 850 TMT to 1.2 MMT. The new crop sales were primarily for China (640,000 MT), unknown destinations (293,500 MT), and Taiwan (115,000 MT). New crop bean sales are now said to be ahead of all previous marketing years. Aug 14 Soybeans closed at $12.24 1/2, down 40 cents; Nov 14 Soybeans closed at $10.56, up 9 1/4 cents; Aug 14 Soybean Meal closed at $464.20, up $45.50; Aug 14 Soybean Oil closed at 33.60, down 35 points.
Corn: The corn market closed around 3-4 cents firmer. Weekly export sales came in at negative 117,100 MT on old crop and 787,800 MT for new crop. That was a bit below where they were expected to be (750 TMT to 1 MMT). Strategie Grains estimated the EU-28 corn crop at 68.0 MMT versus a previous estimate of 66.4 MMT. Germany's DRV forecast corn production there up 13.7% this year at close to 5 MMT despite a lower planted area due to significantly higher yields. MDA CropCast forecast the US 2014 corn crop at 14.43 billion bushels, down 14 million from a week ago. South Korea Kocopia bought 55,000 MT of optional origin corn for Dec shipment. Sep 14 Corn closed at $3.62, up 4 cents; Dec 14 Corn closed at $3.73 1/2, up 3 3/4 cents.
Wheat: The wheat market closed higher, consolidating from a run of five losing sessions in a row, despite disappointing weekly export sales of only 338,700 MT versus the expected 450-650 TMT. Strategie Grains forecast the EU-28 soft wheat crop at 144.1 MMT, up 3.7 MMT from a month ago and 6% up versus 2013. MDA CropCast increased their forecast for the world wheat crop by 8.2 MMT from a week ago, including a 6.1 MMT hike for Russia where impressive yields continue to be reported. They also increased China by 2 MMT. Russia said that they'd harvested 61.1 MMT of grains so far this year. That includes 43.6 MMT of wheat off less than half the planned area. There's talk that some analysts are now estimating Russia’s wheat crop at 61-63 MMT versus the USDA's estimate of 59 MMT. Sep 14 CBOT Wheat closed at $5.37 1/4, up 9 1/4 cents; Sep 14 KCBT Wheat closed at $6.08, up 4 cents; Sep 14 MGEX Wheat closed at $6.05 3/4, up 1 1/4 cents.
