Chicago Grains Mostly Lower

Posted by Nogger - a legend in his own mind at 09:36 | Categorized as

22/07/15 -- Soycomplex: Beans closed mostly lower save for nearby Aug 15. The USDA reported 120,000 MT of soybeans sold to China for 2015/16 delivery under the daily system. Trade estimates for tomorrow's Weekly Export Sales report around 300,000-550,000 MT for new crop soybeans and something like zero to 150,000 MT for old crop. Aug 15 Soybeans closed at $10.20 3/4, up 2 cents; Nov 15 Soybeans closed at $9.95 1/2, down 9 1/4 cents; Aug 15 Soybean Meal closed at $363.50, up $3.60; Aug 15 Soybean Oil closed at 31.35, down 58 points.

Corn: The corn market closed 3 to 5 cents lower, setting new lows for the month. South Korea KOCOPIA bought 55,000 MT of corn of either US or South American origin for November shipment. The US Energy Dept reported weekly ethanol production at 973,000 barrels/day, down 11,000 bpd from the previous week. Trade estimates for tomorrow's weekly export sales report are around 250,000-450,000 MT for old crop and 300,000-500,000 MT for new crop. Sep 15 Corn closed at $4.02 3/4, down 3 3/4 cents; Dec 15 Corn closed at $4.13 1/2, down 4 cents.

Wheat: The wheat market closed lower on all three exchanges, extending the recent losing streak. Yesterday's Egyptian tender merely confirmed what the market knew already, that US wheat is far too expensive on the international stage. US exporters are going to have a very difficult job increasing foreign sales by the 15% that the the USDA has them targeted to do in 2015/16. Estimates for tomorrow's weekly export sales report are only around 200-400,000 MT. Sep 15 CBOT Wheat closed at $5.16 3/4, down 8 cents; Sep 15 KCBT Wheat closed at $5.12 1/4, down 5 3/4 cents; Sep 15 MGEX Wheat closed at $5.48, down 8 1/2 cents.