Nothing Much Doing In Chicago Heading Into WASDE Report

Posted by Nogger - a legend in his own mind at 10:37 | Categorized as

08/12/15 -- Soycomplex: Beans and meal closed loser. Oil continues to outperform. Tomorrow's WASDE report isn't expected to throw up too many wild changes for beans, coming as it does after the northern hemisphere harvest has finished, and whilst plantings in the southern hemisphere are still ongoing. Customs data shows that China imported 7.39 MMT of beans last month, taking the the Jan/Nov month total to 72.57 MMT, up 15% from a year ago. The trade now seems less concerned than it was that the recent Macri victory in the Argentine presidential elections will be a sudden "game changer" for beans. Jan 16 Soybeans settled at $8.76 3/4, down 5 1/2 cents; Mar 16 Soybeans settled at $8.79 3/4, down 6 cents; Dec 15 Soybean Meal settled at $276.60, down $2.30; Dec 15 Soybean Oil settled at 31.23, up 25 points.

Corn: The corn market closed a touch higher. Brazilian corn exports set a record high volume in November at 4.9 MMT, and look set to beat that achievement in December. The trade is looking for world corn ending stocks to be 212.08 MMT in the WASDE report tomorrow, little changed from 211.91 MMT a month ago. Argentine production is seen a touch higher at 25.67 MMT versus 25.6 MMT a month ago. Brazilian output is forecast slightly down at 81.46 versus 81.50 MMT in November. Dec 15 Corn settled at $3.70, up 1 1/2 cents; Mar 16 Corn settled at $3.73 1/2, up 1/2 cent.

Wheat: The wheat market closed mixed. As with the other grains, the December WASDE report isn't usually a big market mover. Japan are in the market for 119,165 MT of US, Canadian/Australian wheat in their regular weekly tender with the results expected Thursday. ABARES reduced their forecast for Australia's 2015/16 wheat exports from 17.5 MMT to 16.96 MMT following a downwards revision (-1.3 MMT to 24.0 MMT) to their production estimate this year. That would however still beat exports of 16.6 MMT in 2014/15. Dec 15 CBOT Wheat settled at $4.70 3/4, up 1/2 cent; Dec 15 KCBT Wheat settled at $4.59 1/4, down 2 1/4 cents; Dec 15 MGEX Wheat settled at $5.18 1/4, down 3 3/4 cents.