Chicago Close - Monday

18/07/16 -- Soycomplex: Soybeans closed higher and towards the upper end of a fairly wide trading range. Concerns over drier weather later in the week won the day. Weekly export inspections were in line with trade ideas at 367,380 MT. After the close the USDA left soybean good to excellent ratings unchanged at 71%. They said that 59% of the crop is blooming (49% on average) and 18% setting pods (13% on average). Oil World said that China's soybean imports might drop from 83 MMT to 80-82 MMT this year - the first y-o-y decline in ten. The fall comes due to high domestic stocks, increased Chinese oilseed production and the fact that the government intends to auction 4.3 MMT of state-owned stocks, they said. Aug 16 Soybeans settled at $10.78 1/4, up 5 3/4 cents; Nov 16 Soybeans settled at $10.66 1/4, up 9 cents; Aug 16 Soybean Meal settled at $373.00, up $3.60; Aug 16 Soybean Oil settled at 30.94, up 5 points.

Corn: The corn market closed around 4-6 cents higher. Weekly export inspections of 1.328 MMT were at the top end of trade estimates. "Less favourable growing conditions are predicted this week on Midwest farms as hotter temperatures develop along with reduced showers. Prospects in corn have been favourable with ideal cool and rainy weather, up until now. Showers and thunderstorms are predicted today in Iowa and Illinois. Hardly any rainfall is foreseen elsewhere in Midwest corn, however," said Martell Crop Projections. The USDA said that corn conditions good to excellent were unchanged on last week at 76% (with a subtle 1 point shift into excellent). They said that 56% of the crop is silking versus 46% typically at this time. Ukraine seaports exported 85,600 MT of corn last week, according to APK Inform. Sep 16 Corn settled at $3.57, up 4 3/4 cents; Dec 16 Corn settled at $3.63 1/4, up 5 cents.

Wheat: The wheat market closed higher. Weekly export inspections of 439,484 MT were fairly good. The USDA reported 76% of the US winter wheat crop to be harvested as of Sunday night, in line with 73% normally at this time. Spring wheat headed was 96% against only 81% typically. Spring wheat conditions were down one point to 69% good to excellent (70% a year ago). Egypt bought Romanian and Russian wheat in their tender, paying around $166-167 FOB. The Russian wheat harvest is already past the 20 MMT mark. The Russian Ag Min say that they've exported 583,800 MT of grains so far this season ( a 34.5% increase on a year ago) of which 383,500 MT is wheat. Private reports out of Russia indicate that this year's harvest is likely to be every bit as good and official estimates of around 110 MMT. Sep 16 CBOT Wheat settled at $4.29 1/2, up 4 3/4 cents; Sep 16 KCBT Wheat settled at $4.20, up 6 1/4 cents; Dec 16 MGEX Wheat settled at $5.13 3/4, up 1 3/4 cents.