Chicago Grains Close Friday
W/E 20/05/16 -- Soycomplex: Beans closed mixed. Meal finished with strong gains at the front end. Crop losses caused by flooding are projected to reduce Argentinean soybean exports in 2015/16 by 25%, according to local consultant Globaltecnos. They see these at only 8.5 MMT versus the current USDA projection if 11.4 MMT. In Argentina domestic prices are reported up by +44% since the beginning of April on heavy rains earlier in the season. Jul 16 Soybeans settled at $10.74 1/4, up 2 3/4 cents; Nov 16 Soybeans settled at $10.49 1/2, down 4 cents; Jul 16 Soybean Meal settled at $392.70, up $14.60; Jul 16 Soybean Oil settled at 31.27, down 64 points.
Corn: The market closed around 2-4 cents higher. The USDA announced the sale of 125,000 MT of US corn sold to Columbia this morning for 2015/16 delivery. Dr Cordonnnier said that Farmers in Mato Grosso could be facing their lowest safrinha corn yield in five years and certainly the worst since GMO technology became important for the safrinha corn crop in Mato Grosso in 2010/11. Yields in the state ate forecast down 16.5% this year. "Hot and dry conditions during November and December severely impacted the soybean crop. After a disappointing soybean crop, farmers were hoping for good weather during April and May to give them a good corn crop, but that did not happen either," he said. Jul 16 Corn settled at $3.94 1/2, up 4 1/2 cents; Sep 16 Corn settled at $3.96 3/4, up 4 1/4 cents.
Wheat: The wheat market was mostly a tad lower. Japan purchased 121,357 tonnes of US, Australian and Canadian wheat at its regular weekly tender. Other supportive news was lacking. Europe raised the potential ixe of it's 20156/17 soft wheat crop again, at 146.7 MMT, up from a previous estimate of 144.8 MMT. Exports could reach 30.4 MMT, they predict. "It flagged stocks to come in at 14.7 MMT, a drop of 0.9 MMT from last month's estimates. The firm also noted that the lower prices were also stimulating consumption demand from the animal feed sector, which further contributed to the lower stock levels," noted Agrimoney. French winter wheat crop conditions are now said to be running a little behind year ago levels at 86% good/very good (91% this time last year). Jul 16 CBOT Wheat settled at $4.67 3/4, down 1 cent; Jul 16 KCBT Wheat settled at $4.49, up 1 cent; Sep 16 MGEX Wheat settled at $5.35 1/4, down 1/2 cent.
