Chicago Grains Close - Friday

W/E 27/01/17 -- Soycomplex: Beans closed virtually unchanged on the day but lower for the week. The Buenos Aires Exchange put projected Argentine soybean production at 53.5 MMT versus 56 MMT a year ago and 57 MMT from the USDA currently. IMEA estimated the Mato Grosso soybean harvest in Brazil at 16.25% complete. Mar 17 Soybeans settled at $10.49 1/4, down 1/4 cent; May 17 Soybeans settled at $10.58 3/4, down 1/4 cent; Mar 17 Soybean Meal settled at $343.00, up $0.60; Mar 17 Soybean Oil settled at 34.27, down 20 points. Versus last Friday nearby beans are 18 1/4 cents lower.

Corn: The corn market closed a touch lower. The Buenos Aires Grain Exchange estimated Argentina corn planting at 98.3% complete. The market is starting to get worried about a trade was with Mexico. With President Trump insisting that Mexico will foot the bill for the controversial wall between the two nations - and Mexico insisting that it won't - it needs remembering that the latter take almost 25% of all US corn exports, a very significant volume. A timely start to the soybean harvest in Brazil suggests good early progress can be made with safrinha corn planting. Mar 17 Corn settled at $3.62 1/2, down 1 1/4 cents; May 17 Corn settled at $3.69 3/4, down 1 1/4 cents. Mar 17 corn was down 7 cents on the week.

Wheat: The wheat market closed lower. It's worth noting that near neighbour Mexico account for around 12% of US wheat exports. Analysts will be keeping an eye on Russian weather this weekend with a strong cold spell expected. EU wheat exports are running 7% lower year-on-year. Russia struck a clean sweep in the latest Egyptian tender, winning a 410,000 MT order. Japan’s Ag Ministry reported that 60,610 MT of US wheat were purchased in their weekly tender. Rusagrotrans predicted Russia's Feb wheat exports at similar levels to a year ago. Mar 17 CBOT Wheat settled at $4.20 1/2, down 6 1/2 cents; Mar 17 KCBT Wheat settled at $4.34 1/4, down 6 cents; Mar 17 MGEX Wheat settled at $5.60, down 6 3/4 cents. Mar 17 CBOT wheat was down 7 3/4 cents on the week.

EU Grains Close - Friday

W/E 27/01/17 -- EU grains closed narrowly mixed Friday with Jan 17 London wheat up GBP0.05/tonne at GBP148.35/tonne, Mar 17 Paris wheat down EUR0.50/tonne at EUR169.50/tonne, Mar 17 Paris corn unchanged at EUR171.25/tonne and Feb 17 Paris rapeseed up EUR0.50/tonne to EUR428.25/tonne.

For the week Jan 17 London wheat was up GBP0.60/tonne, Mar 17 Paris wheat was down EUR0.25/tonne, Mar 17 Paris corn rose EUR1.25/tonne and Feb 17 Paris rapeseed was up EUR3.25/tonne.

London wheat prices remain firm, despite a firmer sterling this week on robust UK growth. This "likely reflects the tightness in UK supplies compared to demand this season," say the HGCA.

EU soft wheat exports are now running at 13.9 MMT, down 1 MMT or 7% on a year ago, according to the latest figures from Brussels. The EU also awarded this week 83,596 MT of Ukrainian wheat imports under a special annual tariff-free quota deal.

EU barley exports total 2.5 MMT, whilst corn imports stand at 6.0 MMT.

Egypt's GASC bought 410,000 MT of Russian wheat in a tender.

Rusagrotrans forecast Russia's Feb grain exports at 2.3-2.4 MMT versus 2.75 MMT a year previously. Wheat exports will make up 1.70-1.85 MMT of that total, a similar volume to that of Feb 2016.