Chicago Beans Jump Higher On Strong Exports

03/10/16 -- Soycomplex: Beans jumped higher following much better than expected weekly export inspections (over 1 MMT) that were up sharply on only 383,953 MT last week. "To date the loadings are running 0.9 MMT ahead of a year ago and well on their way to meet the 1.23 MMT y-o-y increase projected by the USDA," said FCStone. "This leads the trade to believe the USDA has underestimated export demand again," they added. After the close the USDA put harvest progress at 26% complete, up from 10% done a week ago and in line with the 5-year average at 27%. Good to excellent crop conditions improved one point to 74%. The proportion of the crop dropping leaves was 83%, 4 points ahead of average. Nov 16 Soybeans settled at $9.73, up 19 cents; Jan 17 Soybeans settled at $9.78, up 18 3/4 cents; Oct 16 Soybean Meal settled at $305.90, up $8.00; Oct 16 Soybean Oil settled at 33.05, down 19 points.

Corn: Corn closed with decent gains helped by better than thought weekly export inspections (1.47 MMT). The USDA put the 2016 US corn harvest at 24% complete as of Sunday night. That's up from 15% a week ago, but not by as much as the trade was expecting. Trade ideas were for around 30% done vs 27% complete for the 5-year average. Crop conditions fell one point in the good to excellent category (73%). Maturity was placed at 86%, 7 points ahead of the recent norm. In Ukraine Agritel said that a 26.5 MMT corn harvest and 2016/17 exports of 17.2 MMT "look credible". The USDA currently estimates these at 26.0 MMT and 17.0 MMT respectively. Ukraine's corn exports will pick up 2-3 weeks from now, said Agritel. APK Inform said that Ukraine seaports had only exported 65.7 MMT of corn last week. Russia's corn harvest currently stands at 3.5 MMT off 23.2% of the planted area. Dec 16 Corn settled at $3.46, up 9 1/4 cents; Mar 17 Corn settled at $3.55 3/4, up 9 1/4 cents.

Wheat: Wheat closed mostly lower. Weekly export inspections of 641,897 MT were smaller than last week, but larger than the same week a year ago. The USDA has planting of winter wheat for the 2017 harvest at 43% complete, up from 30% a week ago and in line with the 5-year average of 45% done. Emergence is placed at 20% versus 17% on average. The Canadian Wheat Board said that their exports are running 36% down on a year ago eight weeks into the 2016/17 marketing year at 1.85 MMT. The USDA is currently forecasting a yearly decline on only 3%. Does this mean that a lower quality Canadian wheat crop will put some unexpected business the way of the US this season? Today's US export inspections numbers mean that loadings to date are running 2.1 MMT ahead of a year ago. Egypt are back in the market tendering for wheat with a 0.05% ergot inclusion maximum. Russia won last week's business. They've reportedly brought in a bunker weight wheat crop of 75.2 MMT so far (97.1% harvested). Dec 16 CBOT Wheat settled at $3.95 1/2, down 6 1/2 cents; Dec 16 KCBT Wheat settled at $4.07, down 8 1/2 cents; Dec 16 MGEX Wheat settled at $5.16 1/4, up 1 3/4 cents.