Chicago Closing Report- Monday
13/06/16 -- Soycomplex: Beans closed lower after an early rally attempt faded out. Weekly USDA export inspections reported today were 136,506 MT. Informa raised their acreage estimate for US soybeans in 2016 to 83.761 million, up 750k from their previous guess and 1.5m up on a year ago. After the close USDA indicated that 92% of the US bean crop has been planted, 7 points ahead of last year. They increased good to excellent crop ratings by 2 points to 74%. Jul 16 Soybeans settled at $11.69, down 9 1/4 cents; Nov 16 Soybeans settled at $11.59, down 3 3/4 cents; Jul 16 Soybean Meal settled at $408.40, down $5.60; Jul 16 Soybean Oil settled at 32.51, down 25 points.
Corn: The market closed with decent gains. Informa updated its planted acreage figure for US corn to 92.566 million acres, down 810k from its previous forecast. Weekly export inspections reported by USDA this morning were strong at 1.697 MMT also adding support. The USDA left corn crop ratings unchanged at 75% good to excellent. They said that 96% of the US corn crop is emerged, 2 points ahead of the 5 year average. Jul 16 Corn settled at $4.30, up 7 cents; Sep 16 Corn settled at $4.35 1/2, up 8 cents.
Wheat: The wheat market ended mixed across the three exchanges. Weekly export inspections were 363,803 MT. Informa pegged US wheat acres at 50.2 million, down 4.5 million on last year. Spring wheat plantings are seen 10% lower year-on-year at 11.9 million. The USDA pegged the 2016 US winter wheat harvest at 11% done versus 18% complete on average at this time. Winter wheat crop condition rated good to excellent fell one point to 61%. Spring wheat condition were unchanged on the good to excellent category at 79%. Jul 16 CBOT Wheat settled at $4.91 1/4, down 3 3/4 cents; Jul 16 KCBT Wheat settled at $4.60 3/4, down 7 3/4 cents; Sep 16 MGEX Wheat settled at $5.50, up 3 1/4 cents.
