Chicago Corn And Wheat Lower, Beans Higher On SDS Talk

02/09/14 -- Soycomplex: Beans closed around 6-7 cents firmer as more talk of Sudden Death Syndrome in parts of the US did the rounds again. The effects of SDS are not necessarily devastating as the name indicates. "The amount of damage caused by SDS can vary from slight to severe depending on the soybean variety and the stage of maturity of the soybeans when the disease appeared and how widespread the disease is in a specific field," says Dr Cordonnier. Benson Quinn meanwhile described early soybean yields in the Mississippi Delta as "phenomenal", although noting that the harvest there isn't refilling the supply pipeline as fast as US crushers would like. Commodity Weather Group estimated US 2014 soybean yields at a record 46.9 bu/acre versus a previous estimate of 46.1 bu/acre. After the close FCStone estimated US soybean yields this year even higher at 47.6 bu/acre with production at an all-time high of 4 billion bushels, up from a previous forecast of 3.865 billion. Also after the close the USDA raised the proportion of this year's US soybean crop rated good to excellent by two points from last week to 72%. That compares favourably with only 54% this time last year and is a record high percentage for the end of August. They said that 95% of he crop is setting pods, in line with the 5-year average, and that 5% of the crop was dropping leaves versus 7% for the 5-year average and 3% a year ago. Celeres estimated Brazil’s 2014/15 bean crop at a record 91.3 MMT. Sep 14 Soybeans closed at $10.97 1/4, up 7 3/4 cents; Nov 14 Soybeans closed at $10.32, up 7 3/4 cents; Sep 14 Soybean Meal closed at $450.10, up $10.60; Sep 14 Soybean Oil closed at 32.01, down 3 points.

Corn: The corn market closed lower on the outlook for bumper US production this year. FCStone pegged that at a record 14.595 billion bushels, with yields averaging an all time high 174.1 bu/acre. Their previous estimates were 14.455 billion bushels and 172.4 bu/acre. The USDA raised their good to excellent ratings by one point from last week to 74%. They said that 90% of the crop is at the dough stage, one point ahead of the 5-year average and that 53% of the crop is at the denting stage versus 59% normally at this time. The crop is rated 8% mature compared to 16% for the 5-year average, highlighting that the cool weather conditions this summer means that maturity is somewhat lagging. What little new crop corn has been harvested so far is said to be displaying impressive yields. "Strong showers continued through the Labor Day weekend in the Midwest. A wide swath of the farm belt received rainfall of 3 inches but 5 inches locally. This included eastern Nebraska, most of Iowa, Iowa, southeastern Minnesota and northwestern Wisconsin. Drenching rains, at least 1 inch, but up to 2 inches, has developed in narrow band of the eastern Midwest also, central Illinois through northwestern Indiana," said Martell Crop Projections. South Korea's NOFI are tendering for 140,000 MT of optional origin corn for Jan-Feb shipment. Israel is looking for 80,000 MT of optional origin corn for Nov-Jan shipment in a tender that looks destined to be won by the Black Sea. Both Russia and Ukraine have now begun harvesting their 2014 corn crops. Celeres estimated Brazil’s 2014/15 corn crop at a record 85.1 MMT. Sep 14 Corn closed at $3.55 3/4, down 3 1/4 cents; Dec 14 Corn closed at $3.63 3/4, down 1 cent.

Wheat: The wheat market closed generally lower in the face of strong competition on the export front from the Black Sea. SovEcon raised their figure for Russian grain exports in August to a record 4.5 MMT, most of which (4.3 MMT) was wheat. Ukraine's Ag Ministry meanwhile said that the country had exported more than 5 MMT of grains in the first two months of the marketing year, up sharply versus 3.3 MMT in the same period in 2013/14. That volume included 2.75 MMT of wheat. Egypt announced a wheat tender with the results expected tomorrow. US wheat is unlikely to feature. The USDA's FAS in Algeria said that the country would import a record 7.5 MMT of wheat in 2014/15. US wheat might stand a better chance of grabbing a share of some of that business due to quality problems from their traditional largest supplier - France. Algeria recently said that they would reject wheat that had been blended to come from more than one country of origin, a move which many see as limiting opportunities for French wheat this year. The USDA cut spring wheat crop conditions by 2 percentage points to 63% good to excellent. That's down compared to 70% this time last year. Harvesting continues to suffer wet weather related delays at 38% complete versus 65% normally. North Dakota is only 20% done versus 60% normally, with South Dakota at 68% versus 96% and Minnesota at 35% versus 78%. Israel seeks 25,000 MT of optional origin feed wheat for Nov–Dec shipment, with the Black Sea the most likely supplier. Jordan seeks 100,000 MT of optional origin feed barley for Jan-Feb shipment. Sep 14 CBOT Wheat closed at $5.43 1/2, down 6 3/4 cents; Sep 14 KCBT Wheat closed at $6.17 1/2, down 8 3/4 cents; Sep 14 MGEX Wheat closed at $6.18 3/4, up 3 3/4 cents.