Chicago Grains Mixed, Beans Consolidate
26/07/16 -- Soycomplex: Soybeans closed higher, consolidating recent losses in modest "Turnaround Tuesday" style. Fresh news was scarce. US soybean export demand remains robust, with record July exports on the cards. US crop conditions lean bearish however. More than one analyst has demand from "insatiable" China dropping in 2016/17. South American growers might plant fewer beans in favour of corn for next season it is being mooted. Aug 16 Soybeans settled at $9.93 1/2, up 9 3/4 cents; Nov 16 Soybeans settled at $9.73 3/4, up 7 1/2 cents; Aug 16 Soybean Meal settled at $341.40, up $2.50; Aug 16 Soybean Oil settled at 29.56, up 10 points.
Corn: The corn market closed around 1-2 cents lower. Media reports say that China sold only 4,019 MT of the 1.942 MMT of corn put up on offer at state auctions this week. US corn crop conditions held steady overnight where a 1 point reduction in good to excellent had been expected. MARS raised EU-28 corn yields from the 7.35 MT/ha predicted a month ago to 7.42 MT/ha, a 1% rise on the 6.93 MT/ha averaged last year. India are tendering to buy 200,000 MT of optional origin, non-GMO corn. Sep 16 Corn settled at $3.32 1/2, down 2 1/4 cents; Dec 16 Corn settled at $3.39 1/2, down 1 3/4 cents.
Wheat: The wheat market closed with double digit losses. The EU's MARS raised soft wheat yields for 2016 from 6.07 MT/ha to 6.10 MT/ha, a 4.6% rise compared to a year ago. French wheat yields were lowered, but not by as much as might have been expected given some recent reports. Russia meanwhile could bring in a 113 MMT harvest this year, say Rusagrotrans. They forecast exports in August rising to 3.8-3.8 MMT, and 4.2-4.4 MMT in September. Russian 12.5% milling wheat prices for Aug delivery are $164-165/tonne, they said. Sep 16 CBOT Wheat settled at $4.15, down 14 cents; Sep 16 KCBT Wheat settled at $4.12, down 11 1/4 cents; Dec 16 MGEX Wheat settled at $5.02 1/2, down 10 1/2 cents.
