Chicago Grains End Higher To Start The Week

21/09/15 -- Soycomplex: Beans closed around 7 cents higher. Weekly export inspections of 502,846 MT were up 35% on a week ago. The USDA also reported 240 TMT of US soybeans sold to unknown, widely assumed to be China, for 2015/16 shipment. A Chinese trade delegation is in the US this week and are expected to sign deals to buy around 3-5 MMT of US soybeans. China said that they'd imported almost 7.8 MMT of soybeans last month, a 29% increase on a year ago. The country's Jan/Aug soybean imports now stand at 52.4 MMT, up almost 10% year-on-year. Nearly 28 MMT of that came from Brazil, 17 MMT from the US and 5.3 MMT from Argentina. Informa were reported to have said on Friday that the US 2015 soybean area will be 1.4 million acres lower than the USDA’s August estimate. Safras e Mercado estimated Brazil’s 2015/16 soybean crop at a new record 100.5 MMT versus a previous estimate of 99.8 MMT and the USDA's 97 MMT forecast. After the close the USDA estimated this year's US soybean harvest at 7% complete, in line with the recent average. They have 56% of the crop dropping leaves versus 50% for the 5-year average and raised good to excellent crop conditions by 2 points on a week ago to 63%. Nov 15 Soybeans closed at $8.74 1/4, up 7 cents; Jan 16 Soybeans closed at $8.78 3/4, up 7 1/4 cents; Oct 15 Soybean Meal closed at $309.60, up $0.60; Oct 15 Soybean Oil closed at 26.50, up 45 points.

Corn: The market posted decent gains to start the week, closing around 7 cents higher. Weekly export inspections of 735,535 MT were bigger than last week, but smaller than the same week a year ago. The USDA announced 487,600 MT of US corn sold to Mexico for 2015/16 shipment. China were said to have cut state corn prices by 10% over the weekend. The move was largely expected, but still leaves domestic Chinese corn prices well above global levels. Informa said that the US 2015 corn area will be around 500,000 acres less than the USDA’s August estimate. Safras e Mercado estimated Brazil’s 2015/16 total corn crop at 88.6 MMT versus a previous estimate of 86.2 MMT. The USDA have that at only 79 MMT currently. Chinese customs data shows that they imported 607,582 MT of corn last month, around 350% more than a year ago. Their Jan/Aug corn imports are now 4.36 MMT, up 173% on a year previously. DDGs Jan/Aug imports of 3.55 MMT are down 9.2% on a year ago. The USDA said that the 2015 US corn harvest is now 10% complete as of Sunday night, which is 5 points behind the recent average. North Carolina remains the most advanced state at 72% harvested, although that's only up marginally from 70% done a week ago. They left crop ratings unchanged at 68% good to excellent. They said that 53% of the crop is mature versus 56% typically at this time and that 94% is dented, one point ahead of the 5-year average. Dec 15 Corn closed at $3.84 1/2, up 7 1/4 cents; Mar 16 Corn closed at $3.96, up 7 1/2 cents.

Wheat: The market closed around 7-10 cents higher to start the week. Weekly export sales of 604,918 MT were pretty good. Following the purchase of 230 TMT of wheat from Russia, Ukraine and France on Friday, the Egyptian Supplies Minister said that the country now has enough wheat in the pipeline to last it until March. They are one of the first northern hemisphere countries to begin harvesting wheat. Their own harvest usually begins in April. There's talk of dryness in Russia and Ukraine delaying winter grain plantings and putting back germination. Russia said that their winter grain plantings were 55.6% complete on 9.5 million ha versus 9.9 million ha a year ago at this time. The Russian Ag Ministry say that the country has harvested 58.3 MMT of wheat so far this year off 82.6% of the planned area. Kazakhstan said that they'd harvested 10.25 MMT of grains off 60.5% of the planned area. The Ag Ministry there are forecasting final production of around 17 MMT this year. Jordan is said to be interested in importing 400-500 TMT of wheat from Pakistan. South Korea's Deahan were said to have bought 51,000 MT of Australian wheat for Feb/Mar shipment in a tender. China said it had imported 343,392 MT of wheat in August along with 778,166 MT of barley. That's an increase of over 870% and 140% respectively compared to the same month in 2014. Jan/Aug wheat imports now stand at over 2 MMT, and barley imports top 7.4 MMT. The USDA said that US winter wheat plantings for the 2016 harvest are 19% done, one point behind the 5-year average. Dec 15 CBOT Wheat closed at $4.96 3/4, up 10 cents; Dec 15 KCBT Wheat closed at $4.90 1/2, up 8 1/4 cents; Dec 15 MGEX Wheat closed at $5.18 1/4, up 7 1/4 cents.