Chicago Ends Lower

14/06/16 -- Soycomplex: Soybeans closed mostly lower. Fresh news was lacking, so it looks like a bit of profit-taking/consolidation kicked in. US crop conditions are generally good and prospects are looking favourable at this early stage. The USDA reported 110,000 MT of US soybeans were sold to unknown destinations for 2016/17 delivery. Jul 16 Soybeans settled at $11.69 1/2, up 1/2 cent; Nov 16 Soybeans settled at $11.49 1/4, down 9 3/4 cents; Jul 16 Soybean Meal settled at $408.60, up $0.20; Jul 16 Soybean Oil settled at 32.52, up 1 point.

Corn: The corn market closed higher. Private exporters reported that 136,000 MT of US corn was sold to Japan this morning, with 60,000 MT of that slated for 2015/16 delivery. A few reports of hot and dry weather hurting the newly sown US crop are doing the rounds. That maybe enough to encourage some short-covering. It's still very early and US crop prospects are still good however. The prospect of a UK vote whether or not to leave the EU next week is maybe prompting some nervousness. Jul 16 Corn settled at $4.36 1/2, up 6 1/2 cents; Sep 16 Corn settled at $4.41 3/4, up 6 1/4 cents.

Wheat: The wheat market closed lower on harvest pressure. The USDA peg the 2016 US winter wheat harvest at 11% complete as of Sunday night. Unlike beans and corn there were no daily export sales to support a wheat fully aware of competitive pressures elsewhere. ABARES increased their forecast for the Australian wheat crop to 25.4 MMT vs the 24.5 MMT previously expected. One or two concerns remain over French wheat, although carryover stocks from last season are large. Quality downgrades could be the biggest threat there this year. Jul 16 CBOT Wheat settled at $4.85, down 6 1/4 cents; Jul 16 KCBT Wheat settled at $4.58 1/2, down 2 1/4 cents; Sep 16 MGEX Wheat settled at $5.43 1/4, down 6 3/4 cents.