Chicago Close - Wednesday

Posted by Nogger - a legend in his own mind at 13:08 | Categorized as

30/11/16 -- South American weather looks more or less ideal. The USDA announced 123,000 MT of soybeans sold to China for delivery in the 2016/17 marketing year under the daily reporting system. Trade estimates for tomorrow's weekly export sales report are a wide looking 800,000-1,900,000 MT. Jan 17 Soybeans closed at $10.32 1/4, down 10 1/4 cents; Mar 17 Soybeans closed at $10.41 1/4, down 9 3/4 cents; Dec 16 Soybean Meal closed at $316.40, down $5.30; Dec 16 Soybean Oil closed at $36.79, up 43 points.>

Corn: The corn market closed around unchanged. The big news today came out of the OPEC meeting where it was agreed to cut production by 1.2 million barrels/day. Weekly US ethanol production was down 2,000 barrels/day, but still over 1 million barrels/day. Trade ideas for tomorrow's weekly export sales numbers are between 650,000 MT and 1.8 MMT versus 1,688,800 MT a week ago. The Russian corn harvest is 83% done at 13.9 MMT. Ukraine's corn harvest stands at 22.9 MMT off 86% of the planned area. Dec 16 Corn settled at $3.36 3/4, unchanged; Mar 17 Corn settled at $3.48 1/2, down 1/2 cent.

Wheat: The wheat market closed mixed, with spring wheat in Minneapolis again the strongest leg of the complex. Jordan are in the market for 50,000 MT of wheat from optional origin. Japan are tendering for 158,514 MT of food wheat of US, Canadian and Australian origin in their regular weekly tender. Trade estimates for tomorrow's weekly export sales report for wheat are 300,000 MT to 800,000 MT versus 712,500 MT a week ago. Rusagrotrans said that Russia had exported 3.95 MMT of grains in November - a record volume for the month and 26% more than in Nov 2015. Dec 16 CBOT Wheat settled at $3.80 1/2, down 3 1/2 cents; Dec 16 KCBT Wheat settled at $3.91 1/4, down 7 1/2 cents; Dec 16 MGEX Wheat settled at $5.39 1/2, up 5 1/4 cents.