Chicago Beans Crash Back Below $10
25/08/16 -- Soycomplex: Beans crashed lower despite solid weekly export sales. These came in at 115,100 MT for old crop and 1,939,600 MT for new crop - primarily for China (1,001,000 MT) and unknown destinations (771,000 MT). That was well above trade expectations. Reports from the ProFarmer crop tour showed better pod counts for IL and western IA, indicating bumper production there. The IGC estimated world soybean production at 325 MMT vs 321 MMT last month and 316 MMT last year. A Bloomberg survey into trader/analyst sentiment on beans found 6 bulls, 12 bears and 8 neutrals. More rains are due for the central and southern part of the soy belt the next 7 days. The trade continues to see the rains as beneficial for grain fill. Sep 16 Soybeans settled at $9.98 1/4, down 32 1/2 cents; Nov 16 Soybeans settled at $9.75 1/2, down 29 3/4 cents; Sep 16 Soybean Meal settled at $324.30, down $7.20; Sep 16 Soybean Oil settled at 32.91, down 66 points.
Corn: The market closed around 4 cents lower. Weekly export sales of 71,100 MT for 2015/16 were a marketing-year low, but then again there are only a few weeks left in that campaign. Sales of 1,059,900 MT were reported on new crop corn. The Buenos Aires Grain Exchange estimates Argentine corn harvest 93% complete. The IGC estimated the world corn crop at 1030 MMT vs 1017 MMT last month and 969 MMT last year. A Bloomberg survey into trader/analyst sentiment on corn found 5 bulls, 8 bears and 13 neutrals. China shifted 0.5 MMT of the 3.2 MMT of corn on offer at their latest corn auction. The ProFarmer crop tour is getting close to wrapping up its crop findings for the year. They are generally below the USDA on corn yields, and this year is expected to be no exception. Current guesses are 169-172 bpa vs the USDA's recent 175.1 bpa. Sep 16 Corn settled at $3.23 1/2, down 4 cents; Dec 16 Corn settled at $3.32, down 4 1/4 cents.
Wheat: The wheat market closed around 2-4 cents lower. Weekly export sales came in at 379,700 MT for 2016/17 - down 22 percent from the previous week and 21 percent from the prior 4-week average. Exports of 564,000 MT were down 21 percent from the previous week, but unchanged from the prior 4-week average. The primary destinations were Indonesia (83,200 MT), Taiwan (56,900 MT), Colombia (56,600 MT), Chile (46,800 MT) and Venezuela (41,000 MT). A Bloomberg survey into trader/analyst sentiment on wheat found 3 bulls, 13 bears and 10 neutrals. The Russian wheat crop keeps getting larger with SovEcon raising their estimate to 73 MMT. The French wheat harvest is officially over, and despite their production problems Nord Cereales have suspended delivery into their Dunkirk silo due to lack of available space. The IGC raised world wheat production to 743 MMT, up from 735 MMT last month. Sep 16 CBOT Wheat settled at $4.01 1/4, down 2 3/4 cents; Sep 16 KCBT Wheat settled at $4.05 1/2, down 2 1/4 cents; Sep 16 MGEX Wheat settled at $4.97 3/4, down 4 cents.
