Chicago Gains Close Thursday

Posted by Nogger - a legend in his own mind at 11:31 | Categorized as

11/04/16 -- Soycomplex: Beans closed lower despite weekly export sales being fairly good at 455,900 MT for 2015/16 - up 8 percent from the previous week and 10 percent from the prior 4-week average. New crop sales 10,600 MT were reported for South Korea (9,800 MT) and Japan (800 MT). Exports of 408,600 MT were up 27 percent from the previous week, but down 21 percent from the prior 4-week average. Total YTD commitments on beans now total 44.909 MMT, or 97% of the new USDA target for the marketing year. May 16 Soybeans settled at $9.48, down 7 3/4 cents; May 16 Soybean Meal settled at $290.10, down $2.60; May 16 Soybean Oil settled at 33.69, down 27 points.

Corn: The corn market closed with marginal gains. Weekly export sales of 1,135,800 MT for 2015/16 were up 20 percent from the previous week and 21 percent from the prior 4-week average. For 2016/17, net sales of 111,400 MT were reported for Japan (55,600 MT), Mexico (50,500 MT), El Salvador (4,500 MT), and Nicaragua (800 MT). Exports of 1,008,400 MT were down 11 percent from the previous week and 3 percent from the prior 4-week average. The Rosario Grain Exchange increased its Argentine corn production estimate today, but to only to 25 MMT versus the USDA's 28.0 MMT prediction. FranceAgriMer lowered French corn carryout this season by 200,000 MT. May 16 Corn settled at $3.74, up 1/2 cent; Jul 16 Corn settled at $3.78, up 1 cent.

Wheat: The wheat market closed with small losses. Weekly sales exports for the soon to end 2015/16 season came in at 124,700 MMT, along with new crop sales of 211,500 MT. Exports were 309,200 MT were down 21 percent from the previous week and 18 percent from the prior 4-week average. If the US isn't doing a great job of disposing of it's own burdensome wheat stocks, some are doing better. Strategie Grains cut their EU-28 2015/16 soft wheat ending stocks estimate by 1.0 MMT to 15.6 MMT. For 2016/16 they were down 1.2 MMT to 13.2 MMT. South Korea has bought 45 500 MT of Australian wheat while Japan purchased 127 620 MT of wheat from the USA, Canada, and Australia in a routine tender. Jul 16 CBOT Wheat settled at $4.66 3/4, down 3/4 cent; Jul 16 KCBT Wheat settled at $4.65 3/4, up 3/4 cent; Jul 16 MGEX Wheat settled at $5.27 1/2, up 3/4 cent.