Chicago Corn Stuck In A Rut
18/03/16 -- Soycomplex: Beans closed around 4 cents lower, even though the NOPA crush number did come in higher (at 146.18 million bushels) than the market was expecting. Pre-report estimates were only 134.897 to 145.337 million and the average of that was 139.942 million. The Brazilian real was a bit weaker today, and the news yesterday that harvesting of their crop is now past halfway done seemed to add a bit of bearish sentiment. Aboive increased their forecast for the Brazilian soybean crop to 99.7 MMT. May 16 Soybeans settled at $8.92, down 3 3/4 cents; Jul 16 Soybeans settled at $8.97 3/4, down 4 1/4 cents; May 16 Soybean Meal settled at $268.20, down $3.30; May 16 Soybean Oil settled at 32.49, up 4 points.
Corn: The corn market closed virtually unchanged, although it's noteworthy that the Dec 16 contract posted its ninth daily gain in the last ten sessions (even if it was by only a fraction). Fresh news was scarce. Texas corn is 20% planted, double where it was this time last year. Rusagrotrans said that Russia would export a record 700,000 MT of corn in March (up from 642 TMT in Mar 2015). Ukraine's corn exports also remain brisk, accounting for 78% of all grain exports via seaports last week. Corn remains range bound - it hasn't closed outside the $3.50-3.75/bushel region on a front month since before Christmas. May 16 Corn settled at $3.68 1/2, down 1/4 cent; Jul 16 Corn settled at $3.73 1/2, unchanged.
Wheat: The wheat market closed mixed. Egypt tendered for wheat late, with the results expected tomorrow. That might clear the waters a little with regards to their ergot stance and/or traders willingness or otherwise to participate. The USDA reported Kansas winter wheat at 1 percent very poor, 6 poor, 37 fair, 50 good and 6 excellent. "For the week ending March 13, 2016, temperatures averaged nine to twelve degrees above normal across most of the State, according to them. Up to one inch of rain was received in portions of southeast and east central Kansas, while the rest of the State remained dry. Topsoil moisture rated 9 percent very short, 36 short, 54 adequate, and 1 surplus," they said. Jul 16 CBOT Wheat settled at $4.84 1/2, down 1 1/4 cents; Jul 16 KCBT Wheat settled at $4.98 3/4, down 1/4 cent; Jul 16 MGEX Wheat settled at $5.28 1/4, down 1 1/4 cents.
