Chicago Grains End Higher

Posted by Nogger - a legend in his own mind at 10:24 | Categorized as

04/01/17 -- Soycomplex: Beans settled with decent gains after trading at its lowest level since November 18 earlier in the day. Strong global demand is underpinned by a lack of rapeseed. China reportedly sold 97.9 TMT of the 98.5 TMT of state owned rapeseed oil up for auction today. The USDA attache raised their estimate for the Brazilian soy crop 1 MMT to 102 MMT. The USDA crush report released yesterday afternoon indicated November was at 170.7 million bushels compared to 176.0 in October. Jan 17 Soybeans settled at $10.06 1/4, up 19 1/2 cents; Mar 17 Soybeans settled at $10.15 1/4, up 20 1/4 cents; Jan 17 Soybean Meal settled at $315.30, up $7.00; Jan 17 Soybean Oil settled at 34.98, up 41 points.

Corn: The market finished with net gains of around 4 cents, the 4th consecutive day of positive trade. The weekly USDA Export Sales report is delayed a day because of the holiday shortened week. Taiwan is tendering 40,000-65,000 MT of optional origin corn, including US material. AGPM estimated the French corn crop at 12.3 MMT, significantly higher than FranceAgrimer’s 11.45 MMT figure. In Argentina, heavy rainfall is raising fears about that last sowing works, say Agritel. Farmers have sown about 85% of soybeans and 72% of corn, according to the Buenos Aires Exchange. Russia said that they'd exported 2.32 MMT of corn so far this year. Mar 17 Corn settled at $3.59 3/4, up 4 cents; May 17 Corn settled at $3.65 3/4, up 4 1/4 cents.

Wheat: Wheat finished with decent gains. That USDA has 44% of Kansas wheat rated good to excellent versus 52% at the end of November. Oklahoma is now only 25% G/E, down from 53% a month ago. This news will likely have prompted some short-covering, even if the trade is relatively relaxed about the global supply and demand situation. Ethiopia are tendering for 720,000 MT of wheat of optional origin. China’s imported wheat auction continues to see little interest, with less than 100 TMT of the offered near 1 MMT sold today. Russia said that they'd exported 15.45 MMT of wheat so far this season. Total grain exports are running nearly 4% lower year-on-year. Mar 17 CBOT Wheat settled at $4.18 1/2, up 12 cents; Mar 17 KCBT Wheat settled at $4.26 1/2, up 12 1/2 cents; Mar 17 MGEX Wheat settled at $5.44 1/2, up 7 cents.