Chicago Grains End Lower, Despite Some Bullish Info
05/05/16 -- Soycomplex: Soybeans closed sharply lower, and were back testing $10/bu on the nearby May. Weekly export sales of 815,800 MT for 2015/16 were up noticeably from the previous week and from the prior 4-week average. For 2016/17, net sales of 430,000 MT were reported for mostly unknown destinations (296,000 MT). The Buenos Aires Grain Exchange predicts that 1.94 million soybean acres in Argentina were lost because of heavy rainfall. All of that sounds pretty friendly for beans, but not enough to spark a rally from where we currently lie it would seem. May 16 Soybeans settled at $10.03 1/2, down 21 cents; Jul 16 Soybeans settled at $10.12 1/4, down 21 3/4 cents; May 16 Soybean Meal settled at $335.00, down $8.00; May 16 Soybean Oil settled at 32.01, down 19 points.
Corn: The corn market closed lower, Weekly net export sales of 769,300 MT for 2015/16 were down 64 percent from the previous week and 44 percent from the prior 4-week average, so failed to impress. There were also new crop net export sales of net of 60,500 MT. Exports of 1,226,000 MT were up 13 percent from the previous week and 9 percent from the prior 4-week average. The primary destinations were Mexico (373,700 MT), Colombia (257,500 MT), Peru (140,900 MT), Japan (111,900 MT), Taiwan (101,000 MT), China (65,100 MT), and Venezuela (60,000 MT). Israel bought 120,000 MT of what some are saying could have been US corn in a tender. May 16 Corn settled at $3.71 3/4, down 1 1/2 cents; Jul 16 Corn settled at $3.73 3/4, down 3 cents.
Wheat: The wheat market closed lower. Weekly export sales s=were poor at 178,900 MT for delivery in the marketing year 2015/16, being down 49 percent from the previous week. New crop sales of 140,000 MT were reported primarily for China (61,500 MT), Mexico (25,700 MT), Japan (20,000 MT), and South Korea (19,700 MT). of 385,200 MT were down 12 percent from the previous week and 4 percent from the prior 4-week average. The The Kansas wheat tour estimates Kansas all wheat production to reach 382.4 million bushels this summer, with an average yield of 48.6 bu/ac, up from the tour estimate of 288.5 million bushels in 2015. The USDA's FAS in Canada said that 2016/17 all wheat ending stocks there may fall to an all time low 3.75 MMT - the lowest since official records began in 1960. Jul 16 CBOT Wheat settled at $4.63 1/4, down 8 cents; Jul 16 KCBT Wheat settled at $4.52 3/4, down 5 cents; Jul 16 MGEX Wheat settled at $5.31 3/4, down 9 1/4 cents.
