Chicago Grains Close Monday

22/02/15 -- Soycomplex: Beans closed higher, helped by strong weekly export inspections of 1.531 MMT, more than 50% up on the same week a year ago. Aboive cut their estimate for this year's Brazilian soybean crop by 0.9 MMT to 98.5 MMT. That's still a record crop, although one which is now 1.5 MMT less than the USDA estimated earlier this month. China were reported to have imported 5.656 MMT of beans in January. Mar 16 Soybeans settled at $8.81, up 2 3/4 cents; May 16 Soybeans settled at $8.84 1/4, up 3 1/2 cents; Mar 16 Soybean Meal settled at $264.90, up $0.40; Mar 16 Soybean Oil settled at 31.49, up 10 points.

Corn: The corn market closed with gains of around 2-3 cents. Firmer global crude oil markets and weekly export inspections of 900,323 MT were supportive - the latter being up 30% from the previous week. YTD inspections are still 19% below the previous year though. The USDA also announced that private exporters sold 100,000 MT of US corn to Colombia under the daily reporting system. ADM were reported to have shut down its sugarcane ethanol plant in Brazil and are also said to be considering selling some of its ethanol plant assets in the US. China said that they'd imported 290,000 MT of DDGs is January compared to only 7,900 MT of corn. Mar 16 Corn settled at $3.67 1/2, up 2 cents; May 16 Corn settled at $3.72 1/4, up 3 cents.

Wheat: The market closed mixed. At the risk of sounding like a broken record exports are what the US wheat market needs. Weekly export inspections then of only 245,464 MT were once again less than impressive. These were more than 50% below the same week in 2014. Following it's latest purchase on Friday, Egypt's GASC now says it has enough wheat bought to cover it's needs until June. China reported January wheat imports tof 241,000 MT. Around a third of Ukraine's winter wheat crop is said to be in poor condition. Texas winter wheat is rated 41% good to excellent. May 16 CBOT Wheat settled at $4.64, down 2 3/4 cents; May 16 KCBT Wheat settled at $4.63 1/2, down 2 3/4 cents; May 16 MGEX Wheat settled at $4.98 3/4, up 1 cent.