Chicago Grains Tumble

21/06/16 -- Soycomplex: Beans closed with fairly steep losses for a second day, especially on new crop. Last night's crop progress report showed unchanged good to excellent conditions whereas a 1-2 point decline had been expected. Under the daily reporting system, private exporters announced that 132,000 MT of US soybeans were sold to China for 2016/17 delivery, and an additional 126,000 MT was sold to unknown destinations. Jul 16 Soybeans settled at $11.33 1/4, down 10 1/4 cents; Nov 16 Soybeans settled at $11.10 3/4, down 22 cents; Jul 16 Soybean Meal settled at $393.30, down $9.40; Jul 16 Soybean Oil settled at 31.36, down 28 points.

Corn: The market closed sharply lower. An improved weather outlook was all it took to encourage some longs to exit the market. Believe it or not, recent prices have been the highest available to the grower d=for 12 months, so some liquidation should not come a surprise. There's still a long way to go. Russia reported that their corn crop for the 2016 harvest is 93.8% planted on 2.8 million ha. South Korea's KFA are in the market tendering for 126,000 MT of optional origin corn. Jul 16 Corn settled at $3.96 1/4, down 25 cents; Sep 16 Corn settled at $4.02 1/4, down 24 1/2 cents.

Wheat: The wheat market finished lower across the board. Russia reported spring wheat plantings complete on 13.6 million ha, which is 103.3% of the plan. Jordan cancelled on their tender to import 100,000 MT of optional origin milling wheat and immediately re-tendered for the same, as well as 100,000 MT of optional origin barley. Algeria are in the market for 50,000 MT of optional origin soft wheat. There are reports of early harvesting having started in Ukraine/Crimea. Jul 16 CBOT Wheat settled at $4.58 1/2, down 14 1/2 cents; Jul 16 KCBT Wheat settled at $4.35, down 16 1/4 cents;Sep 16 MGEX Wheat settled at $5.34 1/2, down 9 1/4 cents.