Chicago Beans Extend Winning Run

28/11/16 -- Soycomplex: Beans closed with fair gains, but also well off session highs which had them more than 20 cents up at once stage. Weekly export inspections came in at a very respectable total of more than 2 MMT, down more than 20% on last week, but still larger than the same week a year ago. This was towards the top end of trade expectations. There were no new USDA sales announcements today. The usual Friday weekly commitment of traders report was delayed until today due to last week's Thanksgiving Day holiday. Managed money was seen adding 15,467 contracts to their net long position for the week through to Tuesday night. They will have added more since then. Jan 17 Soybeans settled at $10.56, up 10 cents; Mar 17 Soybeans settled at $10.64 1/2, up 10 cents; Dec 16 Soybean Meal settled at $325.90, up $5.10; Dec 16 Soybean Oil settled at 36.71, up 5 points.

Corn: Corn closed around unchanged. Weekly export inspections of 800,967 MT were towards the lower end of what the trade was anticipating. In Russia, corn harvesting is 82% done at 13.7 MMT. Ukrain is 84% complete at 22.4 MMT. Both are stepping up their foreign corn shipments. APK Inform said that Ukraine seaports exported 836.3 TMT of grains last week, up from 616.7 TMT the previous week. That included 438.1 TMT (52%) of corn. Russia's grain exports via seaports totalled 436.1 TMT last week including 67.7 TMT of corn. Brazilian weather conditions remain near perfect. Chinese customs data shows that they imported 2.99 MMT of corn Jan/Oct, a 35% reduction compared to a year previously. Almost all of that came from Ukraine. The commitment of traders report shows managed money reducing their net short in corn futures and options by 24,762 contracts for the week through to Tuesday night. Dec 16 Corn settled at $3.48 1/2, down 3/4 cent; Mar 17 Corn settled at $3.58 1/4, unchanged.

Wheat: Wheat closed mixed, with Chicago the loser and Kansas and Minneapolis around unchanged to as much as 7 cents higher. Weekly export inspections of only 221,985 MT were poor. Chinese customs data shows that they stepped up their wheat imports Jan/Oct to a cumulative 3.12 MMT, up 22% on the same period in 2015. That largest suppliers were Australia, Canada and the US. This came at the expense of barley imports however which were down 57% at 4.18 MMT. The largest suppliers here were Australia, France and Canada. The USDA put 58% of the US winter wheat crop in good to excellent condition, unchanged on a week ago. They said that 92% of the crop is emerged, exactly in line with the 5-year average. The commitment of traders report shows managed money reducing their overall net short in CBOT wheat by 18,131 contracts for the week through to Tuesday night. Dec 16 CBOT Wheat settled at $3.89 1/2, down 6 1/4 cents; Dec 16 KCBT Wheat settled at $4.11 1/2, up 1/4 cent; Dec 16 MGEX Wheat settled at $5.41 1/4, up 7 cents.