Chicago Beans Post Large Daily And Weekly Losses

22/07/16 -- Soycomplex: Beans closed sharply lower on the day and for the week. News that the Argentine truckers strike was over brought a bearish end to the week. The Argentine government were said to have increased their 2015/16 soybean production estimate from 58 MMT to 58.8 MMT as well (USDA: 56.5 MMT). Latest weather forecasts look a bit wetter. "The morning satellite image shows how very humid, unstable air ultimately reaches the Midwest, promoting instability and strong showers. The Southwest monsoon played a major role in fueling Midwest showers. Moist air from the Gulf of Mexico streams into the Southwest desert, then bends north into the Great Plains. The moist air air stream then turns east across the Midwest farm belt,W said Martell Crop Projections. Aug 16 Soybeans settled at $10.06 1/2, down 26 cents; Nov 16 Soybeans settled at $9.88 1/4, down 24 1/4 cents; Aug 16 Soybean Meal settled at $346.70, down $5.80; Aug 16 Soybean Oil settled at 30.21, down 85 points. For the week Aug 16 were beans were down 66 cents, with Aug 16 meal a $22.70 loser and Aug 16 oil dropping 68 points.

Corn: The market closed with small gains on the day but fair losses for the week. China was said to have sold the 453,203 MT of corn stocks they put up for auction. The Argentine Ag Ministry raised their estimate for 2015/16 corn production there from 37.9 MMT to 39.8 MMT (USDA: 28.0 MMT). They said that harvesting of that crop is 53% complete. FrancAgriMer pegged French corn crop conditions at 69% good to very good, unchanged on a week ago and 7 points better than this time last year. Rain makes grain! Or at least is makes corn in the case of France if not wheat. A wetter US weather outlook seems bearish. "More heavy rainfall is expected in the Midwest. Periods of strong showers would be fueled by the monsoon circulation. Moreover a storm track is expected to develop from west-to-east across the northern tier of the United States, carrying waves of showers into the northern Plains and Upper Midwest," said Martell Crop Projections. News of the Argentine truckers strike being over is also a bearish influence. Sep 16 Corn settled at $3.35, up 3/4 cent; Dec 16 Corn settled at $3.41 3/4, up 1 cent. Sep 16 fell 17 1/4 cents compared with last Friday.

Wheat: The wheat market followed French markets higher. FranceAgriMer cut another 7 points off French wheat good to very good today, making for a 37 point decline in the last 3 weeks alone. The French crop was rated 76% G/VG this time a year ago. Paris wheat futures put in their highest close of 2016 tonight. French analysts ODA cut 3 MMT off their previous production estimate, pegging the crop at a 9-year low of 32 MMT. Harvesting of French wheat is only 17% done compared to 53% a year ago and there are fears than things could get worse yet as the harvest progresses. Jordan are in for 100,000 MT of optional origin hard wheat. The Argentine Ag Ministry cut their forecast for 2016/17 wheat plantings there from 5.34 million ha to 5.25 million. Russian wheat production could reach 68 MMT this year say IKAR (USDA: 65 MMT). They've harvested 28.1 MMT so far, say the Ag Ministry. RusAgroTrans said that grain exports in July might be lower than expected due to reduced Turkish interest and as traders sit on their hands awaiting the anticipated removal of the export tax on wheat. Sep 16 CBOT Wheat settled at $4.25 1/4, up 7 1/2 cents; Sep 16 KCBT Wheat settled at $4.19, up 11 1/2 cents; Dec 16 MGEX Wheat settled at $5.11, up 8 3/4 cents. Chicago wheat was up 1/2 cents on the week, with Kansas wheat up 5 1/4 cents and Minneapolis falling 1 cent.