Chicago Grains End Lower

26/08/16 -- Soycomplex: Soybeans closed lower on the day and for the week. Fund selling and a lack of supportive news were bearish factors this week, alongside ideas that the already record large US crop is continuing to get larger. There have been no daily announcements of sales to China/unknown for the past few days either. The ProFarmer crop tour released a bearish yield estimate of 49.3 bu/acre, up 0.4 bu/acre from the USDA's current figure. US weather forecasts lean bearish/neutral. Sep 16 Soybeans settled at $9.90 3/4, down 7 1/2 cents; Nov 16 Soybeans settled at $9.67 1/4, down 8 1/4 cents; Sep 16 Soybean Meal settled at $321.20, down $3.10; Sep 16 Soybean Oil settled at 32.95, up 4 points. For the week Sep 16 beans were down 36 1/4 cents, with Sep 16 meal $8.80 lower and oil down 119 points.

Corn: The corn market closed around 7 cents lower on the day, and 18 cents easier for the week. Fresh (bullish) news was lacking. The ProFarmer crop tour pegged US corn yields at 170.2 bu/acre, almost 5 bu/acre below the USDA's most recent estimate, but the market was widely anticipating such a move. They see production at 14.728 billion bushels. Keep an eye on Gulf storm “Invest 99-L” which is expected (60% chance) to develop into a tropical storm this weekend. The US Delta region is already wet, hindering harvest activity and could do without any more precipitation. Sep 16 Corn settled at $3.16 1/4, down 7 1/4 cents; Dec 16 Corn settled at $3.25, down 7 cents. For the week Sep 16 corn was 18 cents lower and Dec 16 was down 18 3/4 cents.

Wheat: The wheat market closed lower on the day and for the week. Egypt bought Russian wheat in their tender. US wheat wasn't offered and neither was French. They've purchases exclusively Russian, Romanian or Ukraine wheat so far this season, and look set to continue to do so. The Russian harvest is now estimated at around 72-73 MMT, some 10 MT higher than a few months ago, almost entirely compensating for French losses on it's own. Sep 16 CBOT Wheat settled at $3.83 1/2, down 17 3/4 cents; Sep 16 KCBT Wheat settled at $3.89 3/4, down 15 3/4 cents; Sep 16 MGEX Wheat settled at $4.92 1/2, down 5 1/4 cents. For the week Chicago wheat was 43 1/2 cents easier, Kansas wheat lost 41 cents and Minneapolis shed 38 1/4 cents.