Chicago Corn Moves Higher, Bit Beans And Wheat Decline

Posted by Nogger - a legend in his own mind at 12:35 | Categorized as

23/05/16 -- Soycomplex: Soybeans closed with sharp losses as weekly export inspections of only 77,372 MT this morning did little to support. A week ago these were 302,193 MT. The USDA showed 56% of the US soybean crop had been planted as of Sunday and had emergence at 22%. The trade had been looking for sowings at 55%-65% done. Jul 16 Soybeans settled at $10.58 1/2, down 15 3/4 cents; Aug 16 Soybeans settled at $10.57 3/4, down 15 3/4 cents; Jul 16 Soybean Meal settled at $387.70, down $5.00; Jul 16 Soybean Oil settled at $31.15, down 12 points.

Corn: The corn market closed around 3 cents firmer with weekly export inspections of 1.076 MMT in line with expectations. The EU's MARS reported potential 2016 corn yields there at 7.31 MT/ha, up 3.5% on a month ago and 5.6% above the 50-year average. At 86% complete the USDA had US spring corn plantings 11% higher than last week, one point ahead of the 5 year average of 85%, but 4 points down on a year ago at this time. The crop was shown at 60% emerged, vs 69% last year 55% for the five year average and 69% this time last year. A Bloomberg survey had the trade looking for 88% planted on average. Jul 16 Corn settled at $3.97 3/4, up 3 1/4 cents; Sep 16 Corn settled at $3.99 3/4, up 3 cents.

Wheat: The wheat market closed lower. Weely export inspections of 301,271 MT were smaller than both last week and the same week last year. The EU's MARS reported potential 2016 soft whet yields there 6.11 MT/ha, unchanged from last month, but up almost 5% on the 5-year average. Production estimates in Europe keep getting nudged higher. The USDA had the winter wheat crop for 2016 art 75% headed versus 66% on average and 74% a year ago. They left winter wheat crop conditions unchanged on a week ago at 62% good to excellent (45% a year ago). Spring wheat is 95% planted, and 78% emerged; both figures are still well-ahead of their respective fiver year averages. Jul 16 CBOT Wheat settled at $4.62, down 5 3/4 cents; Jul 16 KCBT Wheat settled at $4.47, down 2 cents; Jul 16 MGEX Wheat settled at $5.27 3/4, down 3 cents.