Chicago Beans End Lower For Second Day
24/05/16 -- Soycomplex: Soybeans closed lower for a second day. With US spring plantings well advanced, and no sign of a weather scare there just yet, if knocking 2-4 MMT of Argentine production potential this year is enough to sustain beans above $10/bu - especially given fund length in beans. India’s soybean production is expected to fall 1.2 MMT in 2016 despite a good monsoon forecast. The USDA that 140,000 MT of US soybeans were sold to unknown destinations this morning for 2016/17 delivery. Jul 16 Soybeans settled at $10.54 3/4, down 3 3/4 cents; Nov 16 Soybeans settled at $10.29 1/4, down 7 cents; Jul 16 Soybean Meal settled at $388.90, up $1.20; Jul 16 Soybean Oil settled at 30.89, down 26 points.
Corn: The corn market closed with little change. US spring corn planting is on schedule and winding down. There's talk of one or two delays seeing maybe 300,000 acres switched into beans. Both Nebraska and Kansas are only 1 day away from their final plant dates for corn for insurance purposes. Both had 10% of their 2016 corn crop still to plant as of Sunday night. Ukraine said that they'd exported 15.5 MMT of corn so far this season and will end up shipping out 19.5 MMT. Plantings for the 2016 Ukraine corn crop are said to be 96% complete. Higher Ukraine output and thus increased exports might be possible in 2016/17. Jul 16 Corn settled at $3.97 1/2, down 1/4 cent; Sep 16 Corn settled at $4.00, up 1/4 cent.
Wheat: The wheat market closed mixed. Jordan finally bought 100,000 MT of optional origin hard wheat in it's on-off tender. The price paid was reported at $203/tonne C&F for October shipment. El Nino is over, says ABARES, and the chance of that turning into La Nina is 50:50 they add. Expert opinion is divided what impact a fully-fledged La Nina has on US cropping. Some say it is a drought bringer for the US southern Plains, but this year that development, should it occur, could come too late for 2016 winter wheat. EU crops look on target for a good if not record season this year. Exports out of the region also remain strong, if not matching recent record levels. Jul 16 CBOT Wheat settled at $4.64, up 2 cents; Jul 16 KCBT Wheat settled at $4.46 1/2, down 1/2 cent; Sep 16 MGEX Wheat settled at $5.30, down 1 1/4 cents.
