Chicago Grains Drift Lower On Lack Of Bullish News

24/08/16 -- Soycomplex: Beans closed lower on a lack of (bullish) news. There were no daily export sales announcements today, and the dollar traded firmer, adding a negative tone to trading. Crude oil also traded weaker. Results from the Pro Farmer tour indicate better yield potential for NE and IN than they have seen so far. Sep 16 Soybeans closed at $10.30 134, down 3 1/2 cents; Nov 16 Soybeans closed at $10.05 1/4, down 8 1/4 cents; Sep 16 Soybean Meal closed at $331.50, down $0.90; Sep 16 Soybean Oil closed at 33.57, down 32 points.

Corn: Corn closed a little lower. Weekly US ethanol production came in at a close to record 1.028 million barrels per day last week. As with beans as the ProFarmer crop tour progresses better yield potential is being unearthed. IMEA report that 4.2% of the Mato Grosso, Brazil, corn acreage has been abandoned due to hot and dry conditions. Sep 16 Corn closed at $3.27 1/2, down 1 cent; Dec 16 Corn closed at $3.36 1/4, down 1 cent.

Wheat: Wheat closed mostly lower, with Chicago wheat hitting fresh contract lows. Bullish news is lacking, save for the demise of the French crop, but that is old hat now. There's no shortage elsewhere as Stats Canada helped point out yesterday. The Russian Ag Ministry said that this year's harvest was 59.1% complete at 86.9 MMT. That includes 58.9 MMT of wheat off 62.6% of the planned area, along with 15.2 MMT of barley (73% of plan). Sep 16 CBOT Wheat closed at $4.04, down 3 3/4 cents; Sep 16 KCBT Wheat closed at $4.07 3/4, up 1/2 cent; Sep 16 MGEX Wheat closed at $5.01 3/4, down 8 cents.