Chicago Soybeans Stealing The Show

02/06/16 -- Soycomplex: Beans and meal surged to fresh highs for the move. are looking for USDA weekly Export Sales to be 600,000 MT to 1.0 MMT for soybeans, with meal between 150,000 and 300,000 MT for both marketing years combined in tomorrow's one day delayed export dales report. The Buenos Aires Exchange Grain Exchange say that the Argentine soybean harvest is 78.7% complete. That is 14.8% slower than this time last year. That, and production/quality fears over what had been cut are the reason for this rally. "Santa Fe and Cordoba were hit with 10-16 inches of rainfall in April, amounting to 3-4 times the average," say Martell Crop Projections. US plantings are going week at this early stage. I Therefor find it difficult to buy into this long-term. Jul 16 Soybeans settled at $11.44 1/4, up 44 1/2 cents; Jan 17 Soybeans settled at $10.77 3/4, up 13 1/4 cents; Jul 16 Soybean Meal settled at $418.30, up $19.20; Jul 16 Soybean Oil settled at 32.26, up 7 points.

Corn: The market closed narrowly mixed, seemingly not buying into the reasons given for soybean firmness. The US Energy Dept reported weekly US ethanol production at 960,000 barrels per day, up 14 bpd from last week. The Buenos Aires Exchange Grain Exchange say that the Argentine corn harvested is 3003% complete. Weekly export sales tomorrow are expected to be in the region of 1.0 to 1.5 MMT. The FAO estimated world corn harvest in 2016/17 at 1.208 million tonnes, up from 971 MMT in 2015/16. Ending stocks for both marketing years were forecast at 205 MMT. "In the US, planting is almost complete and conditions are favourable throughout the primary growing regions," they said. In the EU, conditions are favourable, although some planting delays occurred due to cold and wet conditions," they added. Jul 16 Corn settled at $4.15 1/4, up 1 1/2 cents; Sep 16 Corn settled at $4.15 3/4, up 3/4 cent.

Wheat: The wheat market ended higher as renewed concerns over protein content and rain delays in areas of the western Plains came back to the fore. Apart from that the fundamentals are unchanged. The FAO estimated world wheat production at 924 MMT, up 5 MMT from 20151/6. They see stocks rising from 195 MMT To 216 MMT however. This is a 15-year high following sharp upward revisions, mostly to inventories in China but also EU and the Russian Federation," they added. Weekly export sales for tor tomorrow US report are forecast at just 100,000 to 550,000 MT. EU export licences are now only 3% down on where they were a year ago. Russian and Ukraine grain exports are running at record levels. French wheat might not quite match least year's harvest, but will be large nevertheless, and ending stocks are also high. Jul 16 CBOT Wheat settled at $4.85 1/2, up 11 3/4 cents; Jul 16 KCBT Wheat settled at $4.64 1/2, up 8 1/2 cents; Jul 16 MGEX Wheat settled at $5.28 3/4, up 2 3/4 cents.