Chicago Grains Close With Little Change Friday

19/02/16 -- Soycomplex: Weekly export sales of 595,770 MT fell within the range of trade expectations. China (346,000 MT) was the top home. Exports of 1,780,300 MT were up 35 percent from the previous week and from the prior 4-week average, with China taking more than 1 MMT of that total. AgRural estimated Brazil's 2015/16 soybean crop at 23 percent harvested, up from last week’s 16 percent and a touch ahead of the long term average of 21 percent. Flooding in parts of Argentina is getting some media attention. Mar 16 Soybeans settled at $8.78 1/4, down 1 1/2 cents; May 16 Soybeans settled at $8.80 3/4, down 2 cents; Mar 16 Soybean Meal settled at $264.50, up $1.00; Mar 16 Soybean Oil settled at 31.39, down 44 points.

Corn: Weekly export sales of sales of 1,050,700 MT for 2015/16 were up noticeably from the previous week and 20 percent from the prior 4-week average. There were also sales of 247,200 MT om new crop for Japan. Exports of 728,900 MT were up 38 percent from the previous week and 21 percent from the prior 4-week average. Total old crop commitments are still only 75% of what they were this time a year ago though. They also announced 101,600 MT of US corn was sold to Japan for 2015/16 delivery under the daily reporting system. As producer margins bite, John Deere said that they expect US equipment sales to drop 10% in 2016, 3% more than in their previous forecast. Mar 16 Corn settled at $3.65 1/2, unchanged; May 16 Corn settled at $3.69 1/4, down 1/2 cent.

Wheat: The wheat market closed mixed. Exports remain the problem. Weekly export sales from the USDA were an unimpressive 253,600 MT for delivery in marketing year 2015/16. For 2016/17, net sales of 54,200 MT were reported for Thailand (29,200 MT) and unknown destinations (25,000 MT). Exports of 339,300 MT were down 10 percent from the previous week, but up 15 percent from the prior 4-week average. Egypt bought one cargo of French and 3 of Russian wheat with US material well put-priced. They also bought 30,000 MT of US HRS wheat for blending with wheat they had in storage - the first such buy on 6 years. France said that it's 2015/16 soft wheat ending stocks would total 6 MMT, some 200,000 MT more than previously. Winter wheat there is estimated at 94% good to very good. May 16 CBOT Wheat settled at $4.66 3/4, down 1 3/4 cents; May 16 KCBT Wheat settled at $4.66 1/4, up 3 1/4 cents; May 16 MGEX Wheat settled at $4.97 3/4, up 3 1/4 cents.