Quiet Start To The Week In Chicago

16/11/15 -- Soycomplex: Beans closed modestly higher, supported by another strong weekly export inspections number of 2.161 MMT. Continuing with the robust demand theme, the USDA also announced 180,000 Mt of US beans sold to China for 2015/16 shipment under the daily reporting system. Also friendly was the NOPA soybean crush for the month of October hitting a record 158.9 million bu for the month, even if that was below the average trade estimate of around 161 million bu. "The weather last week in Brazil was more of the same - below normal rainfall in central and northeastern Brazil and too wet in far southern Brazil," said Dr Cordonnier. AgRural have plantings at 60% done nationally versus 63% a year ago and 71% on average at this time. The USDA didn't update us on US soybean harvest progress tonight, presumably asserting that the harvest is now finished. Jan 16 Soybeans settled at $8.59 1/2, up 4 1/4 cents; Mar 16 Soybeans settled at $8.60 3/4, up 4 1/2 cents; Dec 15 Soybean Meal settled at $288.80, unchanged; Dec 15 Soybean Oil settled at 27.29, up 25 points.

Corn: The corn market closed with small gains. Support came from the USDA announcing 1.44 MMT of US corn sold to Mexico, split 952,500 MT for 2015/16 shipment and 487,680 MT for 2016/17 shipment. Weekly export inspections of 373,618 MT were modest as the firm US dollar continues to hamper foreign sales to all but traditional nearby homes like Mexico. Argentina look like they are now shaping up to be more aggressive on the corn export front pending the result of the weekend's presidential run-off and subsequent actions of the victor. After the close the USDA put the 2015 US corn harvest at 96% complete, up 3 points from a week ago and 2 ahead of the 5-year average. Ukraine said that their 2015 corn harvest is now 90% complete at 20.3 MMT off 3.7 million ha. The Ag Ministry forecast final Ukraine corn production at 24.5 MMT. Ukraine seaports exported over 1 MMT of grains last week, of which nearly 94% was corn (965 TMT). The Russian 2015 corn harvest is said to be now 86.6% complete at 12.2 MMT. Dec 15 Corn settled at $3.60, up 1 3/4 cents; Mar 16 Corn settled at $3.66 3/4, up 1 1/4 cents.

Wheat: The wheat market closed narrowly mixed. Weekly export inspections of a modest 279,013 MT were in line with recent lacklustre performances. Current marketing year to date inspections are now nearly 16% smaller than they were a year ago. South Korea's Daehan reportedly bought 24,900 MT of Canadian wheat for Feb shipment in a tender. The USDA reported the US winter wheat crop for the 2016 harvest at 94% complete, up only 2 points on a week ago and 4 points behind the norm. Emergence is 87% versus 80% a week ago and 86% on average. Good to excellent crop conditions improved 1 point on last week to 52%. but down from 60% a year ago. The Ukraine Stats Service said that their 2015 wheat harvest finished up at 27.3 MMT. UkrAgroConsult today apparently cut their forecast for production next year from 19 MMT to only 17.5 MMT due to adverse weather, delayed plantings and poor emergence levels. Reuters reported that 32% of the crop is in poor to very poor condition - the worst state in 6 years. Dec 15 CBOT Wheat settled at $4.94, down 1 3/4 cents; Dec 15 KCBT Wheat settled at $4.67 1/2, up 2 cents; Dec 15 MGEX Wheat settled at $5.04 3/4, up 1/2 cent.