Chicago Close - Monday
12/12/16 -- Soycomplex: Beans closed lower despite better than expected weekly export inspections of 1.837 MMT. The USDA also reported that China bought 256,600 MT of US soybeans for 2016/17 delivery under the daily reporting system. In Brazil, soybean planting is reported to be 95% complete. Jan 17 Soybeans settled at $10.31, down 6 1/2 cents; Mar 17 Soybeans settled at $10.42 1/2, down 6 cents; Dec 16 Soybean Meal settled at $314.80, down $2.60; Dec 16 Soybean Oil settled at 36.76, up 2 points.
Corn: Corn closed a cent or two firmer. Weekly export inspections were 860,927 MT - more than 150% of the same week last year - but no better than trade expectations. China booked 100,000 MT of US sorghum according to the USDA's daily reporting system. The focus is now squarely on South American weather, with comined Arg/Braz production seen up 25-28% on last year. Ukraine seaports exported 429.9 TMT of corn last week, according to ASK Inform Agency. Russia's 2-16 corn harvest is seen 87.87% done at 14.9 MMT, according to their Ag Ministry. Dec 16 Corn settled at $3.54 1/2, up 2 cents; Mar 17 Corn settled at $3.60 1/2, up 1 cent.
Wheat: Wheat closed modestly higher in all three exchanges. Weekly export inspections of 440,805 MT were in line with what was expected by the market. Saudi Arabia bought 725 000 MT of hard 12.5% milling wheat with at least some of it scheduled to come from the US, according to trade gossip. Algeria tendered for 100,000 MT of Jan milling wheat. Jordan are tendering for 25,000 MT of optional origin hard wheat. Russia said that it's 2016 wheat harvest was 98.2% complete at 75.9 MMT in bunker weight. Dec 16 CBOT Wheat settled at $4.01 1/4, up 1 cent; Dec 16 KCBT Wheat settled at $3.97 1/2, up 2 cents; Dec 16 MGEX Wheat settled at $5.41 3/4, up 5 3/4 cents.
