Chicago Grains End Higher

18/11/16 -- Soycomplex: Beans closed higher on the day and for the week. Strong Chinese demand underpins the market, but decent South American weather and a weaker Brazilian real cap gains. The USDA announced another private export sale of 165,000 MT of US soybeans for delivery to China during the 2016/17 marketing year under the daily reporting system. Jan 17 Soybeans settled at $9.93 3/4, up 4 1/4 cents; Mar 17 Soybeans settled at $10.02 1/4, up 3 3/4 cents; Dec 16 Soybean Meal settled at $310.40, down $1.10; Dec 16 Soybean Oil settled at 34.05, up 35 points. For the week that puts Jan 17 beans 7 3/4 cents higher.

Corn: The market closed around 3-5 cents higher on the day and for the week. Producer selling remains light at these levels despite harvest pressure. South Korea's NOFI were said to have bought 68 TMT of optional origin corn, and their FLC purchased 117 TMT of the same. MFG were reorted to have bought 132 TMT of similar material. The Buenos Aires Grain Exchange reported Argentine corn planting at 40.3% complete on an anticipated final area of 4.9 million ha. "One of the major Chinese grain producing provinces is turning to subsidies, equivalent to $1.10/bu, to get processors to consume the current harvest," report FCStone. Dec 16 Corn settled at $3.45 1/2, up 3 1/2 cents; Mar 17 Corn settled at $3.53 1/2, up 3 3/4 cents. For the week Dec 16 corn was up 5 1/4 cents.

Wheat: The wheat market ended higher on the day and for the week. The Buenos Aires Grain Exchange reported Argentine wheat planting at 12.1% complete. They have total plantings forecast at 12.5 million ha, an increase of 21% on last year. Japan purchased 136,726 MT of wheat, of which 35 TMT was from Canada and the balance from the US in their regular weekly tender. French winter wheat was said to be 95% sown, two points behind year ago levels. Crop conditions were placed at 95% good to very good, unchanged on a week ago, but 2 points behind this time last year. Dec 16 CBOT Wheat settled at $4.08, up 5 cents; Dec 16 KCBT Wheat settled at $4.13 3/4, up 5 cents; Dec 16 MGEX Wheat settled at $5.29 1/4, up 2 1/2 cents. For the week, Chicago wheat settled 5 cents higher, with Kansas up 3 1/2 cents and Minneapolis 9 1/4 cents firmer.