Chicago Grains End Lower

23/06/16 -- Soycomplex: Soybeans closed lower on unease ahead of the UK vote on Europe. Weekly export sales of 660,690 MT for old crop and 661,500 MT of new crop were in line with expectations. Argentina’s Ag Ministry had raised their 2015/16 Soybean crop outlook to 58.0 MMT. Brazil’s Abiove lowered its 15/16 crop estimate 0.6 MMT to 97.3 MMT today. Jul 16 Soybeans settled at $11.24 1/2, down 13 cents; Nov 16 Soybeans settled at $11.01 1/2, down 15 1/4 cents; Jul 16 Soybean Meal settled at $383.20, down $7.80; Jul 16 Soybean Oil settled at 31.75, up 20 points.

Corn: The corn market closed lower as part of a general "risk-off" moved ahead of the UK vote on European membership. Weekly export sales of 870,744 MT on old crop and new crop sales of 550,318 MT were in line with trade ideas. Private exporters announced private exporters announced that 138,000 MT of US corn was sold to South Korea under the daily reporting system. The Buenos Aires Grain Exchange increased their ideas on Argentine corn production by 3 MMT, raising that from 25 MMT to 28 MMT. Jul 16 Corn settled at $3.87 1/4, down 5 3/4 cents; Sep 16 Corn settled at $3.92 1/2, down 5 3/4 cents.

Wheat: The wheat market closed lower in line with the rest of the sector. Weekly export sales were fair at 462,700 MT. Better than expected yields are what is getting reported back from the early winter wheat harvest on the Plains. Japan purchased 59,150 MT of US wheat, along with a combined 60,838 MT from Australian and Canadian sources in its regular weekly tender. European wheat closed lower again ahead of the referendum results form the UK on EU membership. Jul 16 CBOT Wheat settled at $4.54 1/4, down 4 1/2 cents; Jul 16 KCBT Wheat settled at $4.27 3/4, down 5 1/4 cents; Sep 16 MGEX Wheat settled at $5.31, down 3 3/4 cents.