Chicago Grains Post Little Change Ahead Of USDA Report

09/09/16 -- Soycomplex: Soybeans closed stronger heading into Monday's WASDE report. Weekly export sales for the 2016/2017 marketing year, which began September 1, totaled 1,776,800 MT versus trade expectations of 1.0-1.5 MMT. Trade ideas for Monday are for the USDA to reveal a 49.3 bu/acre yield, with US production at 4.096 billion bushels (48.9 bu/acre and 4.06 billion bushels currently). Sep 16 Soybeans settled at $9.97 1/4, up 5 1/4 cents; Nov 16 Soybeans settled at $9.80 1/4, up 3 1/2 cents; Sep 16 Soybean Meal settled at $323.30, down $1.80; Sep 16 Soybean Oil settled at 33.03, up 9 points. For the week, nearby beans were up the best part of 20 cents, with meal up almost $10 and oil up 37 points.

Corn: The corn market closed 2-3 cents firmer. Weekly export sales, delayed a day by Monday's Labor Day holiday, came in a little over 1 MMT. Trade expectations were 800,000 MT to 1.3 MMT. Ideas for Monday's USDA report are looking for an average US corn yield of 173.4 bu/acre, with production around the 15 billion bushel mark (the USDA were 175.1 bu/acre and 15.153 billion bushels last month). Fund money was estimate covering in around 6,500 of their short in corn today. South Korea's NOFI bought 62,000 MT of optional origin corn in a tender. Sep 16 Corn settled at $3.30, up 3 cents; Dec 16 Corn settled at $3.41, up 2 1/2 cents. For the week Sep 16 corn was 13 1/2 cents higher.

Wheat: The wheat market closed narrowly mixed across the three exchanges. Weekly export sales of 661,100 MT were up noticeably from the previous week and 51 percent from the prior 4-week average. The average trade guess for 2016/17 global wheat ending stocks on Monday is 251.4 MMT. Taiwan bought 87,900 MT of US wheat in a tender. Algeria bought 100,000 MT of optional origin feed barley. Egypt was said to have rejected a cargo of Russian wheat on the ground of ergot contamination. Sep 16 CBOT Wheat settled at $3.76, down 1 cent; Sep 16 KCBT Wheat settled at $3.93 1/2, up 1 cent; Sep 16 MGEX Wheat settled at $4.98 1/2, up 3 1/2 cents. Chicago wheat was up 2 3/4 cents versus last Friday, with Kansas wheat up 7 cents and Minneapolis up 1 3/4 cents.