Chicago Beans Post Decent Gains

27/07/16 -- Soycomplex: Beans closed with decent double digit gains as the weather forecast switched back to warmer and drier. August is seen as the key yield determining month for beans. The USDA reported 131,000 MT of US soybeans were sold to China split roughly 50:50 old/new crop. Trade estimates for tomorrow's weekly export sales report for beans go for sales of 800,000 MT to 1.2 MMT. Aug 16 Soybeans settled at $10.10 1/2, up 17 cents; Nov 16 Soybeans settled at $9.86, up 12 1/4 cents; Aug 16 Soybean Meal settled at $344.80, up $3.40; Aug 16 Soybean Oil settled at 29.53, down 3 points.

Corn: The market closed around 3 cents higher, with the switch to hotter and drier adding support. US weekly ethanol production of 998,000 barrels per day was down 31,000 bod from last week's record. The USDA's FAS in Europe put corn production there at 62 MMT (USDA: 63.83 MMT). The USDA said that 247,912 MT of US corn was sold to unknown destinations under the daily reporting system. Trade estimates for tomorrow's weekly export sales for corn are 750 TMT to 1.0 MMT. Sep 16 Corn settled at $3.35 3/4, up 3 1/4 cents; Dec 16 Corn settled at $3.43, up 3 1/2 cents.

Wheat: The wheat market ended little changed across the three exchanges. France remains a big talking point with one firm cutting their 2016 average wheat yield estimate for Europe's largest producing and exporting nation to 5.5 MT/ha. That implies production of 28.7 MMT using the official Ag Min area estimate. Output in 2015 was 40.9 MMT. South Korea were said to have rejected an Argentine cargo of wheat on GMO grounds. Ukraine said that they'd harvested 68% of this year's wheat crop producing 16.61 MMT to date. Trade estimates for tomorrow's weekly export sales are 400-600 TMT. Sep 16 CBOT Wheat settled at $4.14 3/4, down 1/4 cent; Sep 16 KCBT Wheat settled at $4.12 1/2, up 1/2 cent; Dec 16 MGEX Wheat settled at $5.03 3/4, up 1 1/4 cents.