Not Much Change In Chicago Grains Thursday

18/08/16 -- Soycomplex: Soybeans closed mixed, either side of unchanged. Weekly export sales came in at 177,900 MT for 2015/16 and 1,597,900 MT on new crop primarily for unknown destinations (827,000 MT) and China (694,200 MT). Exports of 865,100 MT were down 14 percent from the previous week, but up 27 percent from the prior 4-week average. Strong demand and a lack of competitive offers out of South America underpins the market. The market is thinking that this demand means that a record crop isn't so much of a burden to world supplies in 2016/17 as a necessary requirement. China are offering 600 TMT of state-owned beans up for auction tomorrow. An insipid response is expected due to the age/condition of what is on offer. Sep 16 Soybeans settled at $10.32 1/4, up 1 3/4 cents; Nov 16 Soybeans settled at $10.14 1/2, down 1 1/2 cents; Sep 16 Soybean Meal settled at $334.40, down $2.30; Sep 16 Soybean Oil settled at 34.19, up 18 points.

Corn: The corn market closed a cent or two firmer. Old crop sales are winding down. Weekly export sales of 167,400 MT for 2015/16 were a marketing-year low - down 72 percent from the previous week and 61 percent from the prior 4-week average. New crop sales of 1,042,700 MT were better, reported primarily for Mexico (425,200 MT), unknown destinations (269,300 MT), and Japan (152,400 MT). Exports of 1,166,300 MT were down 19 percent from the previous week and 10 percent from the prior 4-week average. Cumulative new crop sales are 10.1 MMT vs just 6.6 MMT this time last year. Under the daily reporting system the USDA also reported 101,600 MT of US corn for delivery to unknown destinations during the 2016/17 marketing year. The Buenos Aires Grain Exchange say that Argentine growers will increase corn plantings 25% for next season to 4.5 million ha (3.6 million this season). Planting begins a few weeks from now. Ukraine said that thy'd exported 444 TMT of corn so far this season. Sep 16 Corn settled at $3.32, up 1 3/4 cents; Dec 16 Corn settled at $3.42, up 2 1/4 cents.

Wheat: The wheat market closed a touch firmer. Weekly export sales of 489,500 MT for 2016/17 were down 19 percent from the previous week, but up 2 percent from the prior 4-week average. These included 92,000 MT for Brazil. Exports of 717,900 MT were a marketing-year high - up 77 percent from the previous week and 52 percent from the prior 4-week average. The primary destinations were Brazil (164,600 MT), Japan (127,500 MT), Nigeria (65,800 MT), Mexico (63,300 MT) and Taiwan (53,000 MT). Japan bought 87,430 MT of US, Canadian and Australian wheat in their regular weekly tender. Jordan bought 50 TMT of feed barley at $189 C&F and are in the market for a further 100,000 MT. Tunisia tendered for 42 TMT of durum wheat. Ukraine said that they'd exported 2.43 MMT of wheat and 1.90 MMT of barley so far this season. The EU approved 538,000 MT of soft wheat export licenses this week. Sep 16 CBOT Wheat settled at $4.27, up 1 cent; Sep 16 KCBT Wheat settled at $4.21, up 2 3/4 cents; Sep 16 MGEX Wheat settled at $5.27 3/4, up 3 1/2 cents.