Chicago Ends Lower Despite Some Friendly News

Posted by Nogger - a legend in his own mind at 12:52 | Categorized as

15/06/16 -- Soycomplex: Soybeans closed lower for a third day. That came despite the NOPA crush report for May showing its members crushed a record 152.82 million bushels of beans last month. The Rosario Grain Exchange increased its 2015/16 Argentinean soybean production estimate by 300,000 MT to 55.3 MMT (USDA: 56.0 MMT). Conab lowered Brazil by 1.27 MMT to 95.63 MMT (USDA: 97.0 MMT). They see exports at 54.1 MMT (USDA: 58.75 MMT). CNGOIC estimated China's soybean imports to reach 85 MMT in 2016/17 (UDSA: 87 MMT). Trade estimates for tomorrow's weekly export sales report are 500 TMT to 1.5 MMT over both crop years. Jul 16 Soybeans settled at $11.56, down 13 1/2 cents; Nov 16 Soybeans settled at $11.38 1/2, down 10 3/4 cents; Jul 16 Soybean Meal settled at $407.20, down $1.40; Jul 16 Soybean Oil settled at 31.96, down 56 points.

Corn: The corn market finished the day reversing all of Tuesday's losses. Again, this was despite their being some friendly information about. The US Energy Dept put weekly US ethanol production at an all time high 1.013 million barrels per day, and up 7,000 barrels per day from the previous week. Russia said it's 2016 corn crop was 93% planted. Trade estimates for tomorrow's weely export sales report for corn range from 800,000 MT to 1.6 MMT. Jul 16 Corn settled at $4.29, down 7 1/2 cents; Sep 16 Corn settled at $4.34, down 7 3/4 cents.

Wheat: The wheat market closed lower. The Argentine Ag Min said that wheat plantings there for the 2016/17 harvest could grow 23% to 5 million ha. Production could therefore increase 36% to 15.37 MMT, with exports rising to 9 MMT, of which 5 MMT could go to neighbouring Brazil, they said. It's not out of the way, Argentina has produced and exported these sorts of volumes before. Japan tendered for 112,900 MT of wheat in it;s regular weekly tender. The origins specified are US, Canadian and Australian. Weekly export sales tomorrow are expected in the region of 250-450 TMT. Jul 16 CBOT Wheat settled at $4.77 1/2, down 7 1/2 cents; Jul 16 KCBT Wheat settled at $4.56 3/4, down 1 3/4 cents; Sep 16 MGEX Wheat settled at $5.40 1/2, down 2 3/4 cents.