Chicago Grains End Higher- Beans Post Seventh Day Of Gains
10/03/16 -- Soycomplex: Beans closed higher for a seventh session in a row. Weekly export sales of 475,200 MT for 2015/16 were up 8 percent from the previous week and 2 percent from the prior 4-week average, although exports of 1,134,700 MT were down 8 percent from the previous week and 20 percent from the prior 4-week average. For once China wasn't the largest weekly taker on the sales, that honour went to the Netherlands this week. The Brazilian Real hit fresh 6 month highs against the US dollar today, which was friendly. Increased South American production estimates aren't though. The The Rosario Grain Exchange pegged Argentina's crop at 59 MMT versus 58.5 MMT from the USDA. CONAB went for 101.2 MMT fro Brazil as opposed to 100 MMT from Washington. Mar 16 Soybeans settled at $8.81 3/4, up 1 3/4 cents; May 16 Soybeans settled at $8.89 1/4, up 3 1/2 cents; Mar 16 Soybean Meal settled at $270.20, up $0.60; Mar 16 Soybean Oil settled at 31.41, down 11 points.
Corn: The corn market closed higher, helped by decent weekly export sales which at 1,172,300 MT for 2015/16 were up 7 percent from the previous week and 37 percent from the prior 4-week average. Exports themselves were also encouraging at 1,052,500 MT - a marketing-year high - these were up 33 percent from the previous week and 48 percent from the prior 4-week average. Maybe Brazil's corn exports are slowing up as the bean harvest there progresses and the strong real hits foreign sales? The Rosario Grain Exchanged increased their Argentine production estimate to 24.5 MMT from 24.2 MMT, although that's still well below the USDA's 27.0 MMT. CONAB upped their Brazilian production estimate to 83.5 MMT from 83.3 MMT. Again though that's below the USDA who are at 84.0 MMT. China are expected unveil a new corn pricing policy later this month, with some suggesting that they might lower corn reserve prices below import parity. Mar 16 Corn settled at $3.62 1/2, up 3 1/2 cents; May 16 Corn settled at $3.62 3/4, up 3 1/4 cents.
Wheat: The wheat market closed with decent gains. Weekly export sales of 330,600 MT for delivery in marketing year 2015/16 were down 4 percent from the previous week, but up 6 percent from the prior 4-week average. That's still no great shakes though. New crop sales of 102,900 MT were also reported. Season to date total old crop sales are down 17.5% from this time last year with 13 weeks remaining in the marketing year. I don't see them catching up. Weekly US wheat exports of 417,500 MT were up 8 percent from the previous week and 25 percent from the prior 4-week average. The primary destinations were the Philippines (78,500 MT), Japan (68,000 MT), Taiwan (50,400 MT), Mexico (35,400 MT), Guatemala (35,400 MT) and South Korea (34,200 MT). The euro had a volatile day against the US dollar following the news that the ECB were to cut interest rates and raise QE again. US weather on the Plains will keep market shorts interested and jittery over the coming weeks. May 16 CBOT Wheat settled at $4.77, up 8 3/4 cents; May 16 KCBT Wheat settled at $4.83 1/4, up 7 1/2 cents; May 16 MGEX Wheat settled at $5.12 1/2, up 7 1/2 cents.
