Chicago Grains Rise, Soy And Corn Exports Top Expectations

10/12/15 -- Soycomplex: Beans closed with small gains on the day that new Argentine president Macri took office. Weekly export sales of sales of 1,453,500 MT for 2015/16 were up 66 percent from the previous week and 13 percent from the prior 4-week average. They also easily topped trade expectations of 800 TMT to 1 MMT. China (1,340,600 MT) as usual was the featured buyer. Exports of 1,628,700 MT were however down 19 percent from the previous week and 25 percent from the prior 4-week average. China took more than 1 MMT of those. Separately, private exporters reported 120,000 MT of US soybeans were sold to unknown destinations for 2015/16 delivery. MDA CropCast cut their forecast for the global 2015/16 soybean crop by 0.67 MMT. Brazil was raised 0.5 MMT to 100.4 MMT, but India was lowered 1.16 MMT to 8.41 MMT. Jan 16 Soybeans settled at $8.78 1/4, up 1 1/2 cents; Mar 16 Soybeans settled at $8.81 1/4, up 1 1/2 cents; Dec 15 Soybean Meal settled at $274.20, down $4.60; Dec 15 Soybean Oil settled at 31.51, up 65 points.

Corn: The corn market closed around 5 cents higher. Weekly export sales of 1,095,300 MT for 2015/16 were up noticeably from the previous week and 11 percent above the prior 4-week average. That was around double trade expectations of only around 550,000 MT and versus 499,400 MT the previous week. Exports of 549,800 MT were up 47 percent from the previous week and 41 percent from the prior 4-week average and the largest since the first week of October. MDA CropCast raised their forecast for the global 2015/16 corn crop by 1.44 MMT - essentially due to Brazil who's crop was increased 1.62 MMT to 81.2 MMT. Russia said that it's 2015 corn harvest was 91.3% complete at 12.9 MMT. FranceAgriMer raised it's forecast for French 2015/16 corn carryout from 2.3 MMT previously to 2.8 MMT. Dec 15 Corn settled at $3.77 1/4, up 5 1/2 cents; Mar 16 Corn settled at $3.79 1/4, up 5 1/2 cents.

Wheat: The wheat market closed around 6-8 cents firmer. Weekly export sales of were poor however at 225,100 MT for delivery in marketing year 2015/16, being down 43 percent from the previous week and 45 percent from the prior 4-week average. Trade forecasts for those were around 400 TMT. MDA CropCast raised their estimate for the global 2016/17 wheat crop by 0.71 MMT due to increases for the EU. Ethiopia tendered for 70,000 MT of wheat. Jordan bought 50,000 MT of optional origin barley in a tender for 100,000 MT for April shipment. Japan bought 119,165 MT of US, Canadian and Australian wheat in its regular weekly tender. Algeria tendered for wheat, at least some of which will probably end up coming from France. FranceAgriMer said that French wheat stocks at the end of this season will probably be around double the norm at 5.2 MMT. Ukraine said that winter grain plantings are 91% complete and that 83 % of these have germinated. Out of what has emerged, 66% is said to be in good to satisfactory condition and 34% weak/thinned. Dec 15 CBOT Wheat settled at $4.84 1/2, up 6 1/2 cents; Dec 15 KCBT Wheat settled at $4.75 3/4, up 8 1/2 cents; Dec 15 MGEX Wheat settled at $5.29, up 6 1/4 cents.