Chicago Close - Thursday

Posted by Nogger - a legend in his own mind at 10:27 | Categorized as

21/07/16 -- Soycomplex: Soybeans closed around 3-5 cents higher. Weekly export sales came in at 325,000 MT for 2015/16 and 1,001,600 MT for new crop, beating pre-report estimates of 750,000 MT to 1.25 MMT over both crop years. Exports of 393,800 MT were down 1 percent from the previous week, but up 30 percent from the prior 4-week average. The much touted Midwest heatwave is now upon us, with AccuWeather giving "real feel" temperatures of as high as 115F for Chicago Friday afternoon. Aug 16 Soybeans settled at $10.32 1/2, up 5 1/2 cents; Nov 16 Soybeans settled at $10.12 1/2, up 3 1/2 cents; Aug 16 Soybean Meal settled at $352.50, up $0.10; Aug 16 Soybean Oil settled at 31.06, up 35 points.

Corn: The corn market closed around 3-4 cents lower. Weekly export sales were 345,100 MT for 2015/16 and 506,300 MT for 2016/17. Trade estimates were for combines sales of 900,000 MT to 1.25 MMT. Exports of 1,240,900 MT were unchanged from the previous week, but down 5 percent from the prior 4-week average. Reuters reported that corn arrivals in Argentina's Rosario port are down dramatically due to the ongoing truckers strike there. The EU approved 138 TMT of corn import licences for a season so far total of 534 TMT. Sep 16 Corn settled at $3.34 1/4, down 3 1/4 cents; Dec 16 Corn settled at $3.40 3/4, down 3 1/2 cents.

Wheat: The wheat market closed higher. Weekly export sale of 478,000 MT for 2016/17 were up 50 percent from the previous week, but down 15 percent from the prior 4-week average. Exports of 360,600 MT were up 6 percent from the previous week, but down 27 percent from the prior 4-week average. China took one cargo of the latter. The global wheat market has a familiar look to it: Continued downgrades for France; average crops in most of the rest of Europe; Better yields than expected in Ukraine although quality is down; Better yields and quality in Russia; Improved optimism for Australia. Sep 16 CBOT Wheat settled at $4.17 3/4, up 4 3/4 cents; Sep 16 KCBT Wheat settled at $4.07 1/2, up 3/4 cent; Dec 16 MGEX Wheat settled at $5.02 1/4, up 1 1/4 cents.