Chicago Grains Post Strong Gains Friday

17/06/16 -- Soycomplex: Soybeans closed strongly higher on the day, but lower for the week in choppy trade. The USDA reported 66 TMT of soybeans sold to China for old crop delivery and 63 TMT for new crop. They also reported 263 TMT of old crop to "unknown" along with 132 TMT of new crop to the same buyer. The Buenos Aires Grain Exchange estimated that Argentinean soybean harvest is 91% complete, with production seen at 56 MMT. Jul 16 Soybeans settled at $11.59 1/2, up 25 cents; Nov 16 Soybeans settled at $11.48 1/4, up 29 cents; Jul 16 Soybean Meal settled at $407.40, up $9.70; Jul 16 Soybean Oil settled at 31.93, up 77 points. For the week nearby beans were 18 3/4 cents lower, meal down $6.60 and oil 83 points easier.

Corn: The corn market closed higher on the day and for the week. Forecasts for a hot and dry Midwest weekend encouraged some short-covering. Tonight's close on the July contract was the highest on a front month since June 2014. The Argentinean corn harvest was estimated to be 35% complete by the Buenos Aires Grain Exchange, with production also unaltered at 25 MMT. Russia's IKAR said that the country might produce a 13.5 MMT corn harvest this year. Weather models Monday will decide next week's direction. A bit cooler but still little rain is what's in the latest forecasts. Jul 16 Corn settled at $4.37 3/4, up 12 1/2 cents; Sep 16 Corn settled at $4.42 3/4, up 12 1/4 cents. For the week that puts Jul corn up 14 cents, with Sep up 16 1/4 cents.

Wheat: The wheat market closed higher, helped by rising bean and corn values. Strategie Grains were unchanged on EU soft wheat production at 146.7 MMT. They see exports are only 29.9 MMT versus the USDA's all wheat estimate of 35.5 MMT. FranceAgriMer cut French wheat crop ratings by 3 points to 75% good to very good, now 10 points behind year ago levels. IKAR raised their view on this year's Russian grain crop to a post-Soviet era record 108.8 MMT (up 4 MMT on last year). They see wheat output at 34.5 MMT (record), with barley at 15.5 MMT and corn at 13.5 MMT. Saudi Arabia are tendering for wheat over the weekend. Result due Monday. The Rosairo Board of Trade estimates that intended Argentinean wheat plantings are 40% complete. Jul 16 CBOT Wheat settled at $4.81 1/4, up 8 3/4 cents; Jul 16 KCBT Wheat settled at $4.60 3/4, up 10 cents; Sep 16 MGEX Wheat settled at $5.48 3/4, up 10 cents.