Chicago Grains End Lower

20/10/16 -- Soycomplex: Beans closed lower despite weekly export sales of 2 MMT being announced today by the USDA. Cumulative sales are now 36% above last year. The USDA also announced 192,000 MT of US beans sold to unknown under the daily reporting system. A Bloomberg survey into trader/analyst sentiment on beans found a fairly even spread - Bullish: 6 Bearish: 10 Neutral: 8. Nov 16 Soybeans settled at $9.75 1/2, down 6 cents; Jan 17 Soybeans settled at $9.84 3/4, down 5 3/4 cents; Dec 16 Soybean Meal settled at $304.60, down $1.80; Dec 16 Soybean Oil settled at 35.05, down 35 points.

Corn: The market closed lower. Lanworth estimated the Argentine corn area at 28.4 million ha, well below the USDA's figure of 36.5 million. Weekly export sales came in above expectations ayt just over 1 MMT. Trade forecasts were for sales of 700,000 to 900,000 MT. Commitments to date are running 10.6 MMT ahead of a year ago. An exceptionally wet forecast in the 6-15 outlook could stall the US harvest. A Bloomberg survey into trader/analyst sentiment on corn found - Bullish: 8 Bearish: 6 Neutral: 10. Dec 16 Corn settled at $3.51, down 6 1/2 cents; Mar 17 Corn settled at $3.60 3/4, down 6 1/2 cents.

Wheat: The wheat market closed mixed. Weekly export sales of 513,800 MT were in line with expectations. The USDA also announced the sale of 114,000 MT of US wheat sold to unknown destinations for 2016/17 delivery. Egypt announced that they had bought 120,000 MT of Russian wheat in their tender. for Nov 21-30 shipment. The prices paid averaged less than $190/tonne including freight versus a comparable US offer of around $207/tonne. Harvest progress in Canada remains slow. Dec 16 CBOT Wheat settled at $4.17, down 3 1/4 cents; Dec 16 KCBT Wheat settled at $4.23, down 2 1/4 cents; Dec 16 MGEX Wheat settled at $5.30 3/4, up 1 1/4 cents.