Chicago Grains End Lower With Spring Plantings Ahead Of Schedule

26/05/15 -- Soycomplex: Beans closed with small losses. The USDA reported weekly export inspections of 291,192 MT, which was above trade expectations and a pretty impressive number for this time of year. Shipments now only have to average around 153,377 MT a week to meet the USDA year-end-estimate, said Benson Quinn. Despite that "at this point, bearish fundamentals and a strong dollar seem like enough to keep momentum pointed lower," they added. The USDA reported US soybean plantings at 61% complete, up from 45% a week ago and versus the 5-year average pace of 55% done. They said that 32% of the crop was emerged compared to 13% last week, 23% a year ago and 25% for the 5-year average. They are expected to release their first crop condition ratings for beans next week. Canada said that they'd exported 6.8 MMT of canola so far this season, a 3% rise on a year ago. Their soybean exports are at 2.3 MMT, a 7% increase compared with 12 months previously. In Europe, MARS estimate rapeseed yields this year at 3.42 MT/ha, up from 3.35 MT/ha previously. That's 4.8% down on a year ago but 9.4% above the 5-year average. Jul 15 Soybeans closed at $9.22 1/2, down 1 3/4 cents; Nov 15 Soybeans closed at $9.04 3/4, down 2 1/4 cents; Jul 15 Soybean Meal closed at $301.90, down $2.30; Jul 15 Soybean Oil closed at 32.14, up 50 points.

Corn: The corn market closed around 4-5 cents lower. There is a strong seasonal trend for corn to close lower the day after the Memorial Day holiday, some said. That certainly proved to be the case again today. Weekly export inspections topped 1 MMT, but season to date shipments are still 1.776 MMT behind year ago. The USDA reported US corn plantings at 92% done, in line with trade estimates. That was up from 85% complete a week ago and 4 points ahead of the 5-year average. In their first crop ratings of the season they pegged 74% of the crop in good to excellent condition. "This compares to a five year average of 75% and an all-time high of 81% in 1991," noted Benson Quinn. Whilst that's a very decent number, it maybe wasn't as high as some were expecting. Emergence was pegged at 74% versus 56% a year ago and 62% for the 5-year average. Russia said that it's corn crop was 88% planted on 2.5 million ha. An El Nino related drought may be causing some damage to corn in the Philippines, it is said. The EU Commission's MARS unit forecast corn yields here at 7.22 MT/ha, unchanged from a month ago. That's 8.9% down on a year ago but 3.3% above the 5-year average. They see corn yields in Ukraine at 5.60 MT/ha which is 7% down on last year and 1.3% below the 5-year average. "Heavy rainfall in southern and eastern Ukraine replenished the water-depleted soils in the south but slightly delayed the sowing of spring crops," they said. Jul 15 Corn closed at $3.55, down 5 cents; Dec 15 Corn closed at $3.73 1/4, down 4 1/2 cents.

Wheat: The wheat market closed sharply lower. Weekly export inspections of 418,376 MT were fairly decent. Weekend rains continued to cause flooding in parts of Oklahoma and Texas, yet the USDA left winter wheat conditions unchanged from last week at 45% good to excellent. They said that 77% of the crop was headed versus 68% a week ago and 67% for the 5-year average. Spring wheat planting was estimated at 96% done versus only 79% for the 5-year average. Emergence is at 80% compared to only 54% on average. Good to excellent crop conditions in spring wheat were raised from 65% a week ago to 69%. Canada said that they'd exported 13.3 MMT of wheat (excluding durum) so far this season, a 5% increase on a year ago. Durum exports are up 12% at 4.1 MMT, and barley shipments are 2% higher at 1.1 MMT. MARS raised their estimate for EU-28 soft wheat yields this year to 5.93 MT/ha, down 2.4% on a year ago but 4.8% above the 5-year average. Potential yields in the UK and France were increased, and Germany's left unchanged. Iraq tendered for at least 50 TMT of wheat. South Korea bought 69 TMT of feed wheat and Japan are in the market for their regular 100 TMT or thereabouts combo of US, Canadian and Australian wheat. Russia said that it's 2015 spring wheat crop was 62.6% sown on 8.2 million ha. The weather there has turned hot and dry. Not so in Kazakhstan, where torrential rains mean that they've only sown 3.24 million ha of spring grains so far, two and a half times less than 8.14 million ha this time last year. Jul 15 CBOT Wheat closed at $4.93 1/2, down 21 3/4 cents; Jul 15 KCBT Wheat closed at $5.24 1/2, down 22 cents; Jul 15 MGEX Wheat closed at $5.53 1/4, down 15 1/2 cents.