Chicago Close - Monday
18/04/16 -- Soycomplex: Beans closed a touch firmer, but well off earlier highs. Weekly export inspections totalled 256,822 MT. That was down 33.7% from the previous week, but up 73% compared to the same period a year ago. YTD inspections are 42.290 MMT, or 91% of the USDA's target for the season. Excessive rains in Argentina could be causing some yield issues, it is being said. In recent seasons that hasn't ultimately proved to be the case. May 16 Soybeans settled at $9.54 1/4, down 1 3/4 cents; Jul 16 Soybeans settled at $9.63, down 1 1/4 cents; May 16 Soybean Meal settled at $293.00, down $2.90; May 16 Soybean Oil settled at 33.95, up 57 points.
Corn: The market closed around 2-3 cents higher. Weekly export inspections of just over 1 MMT were in line with market expectations. These were down 4% from the week before, but 1.6% larger than the same week in 2015. Season to date inspections are 21.872 MMT, some 13.4% below year ago levels but gaining. Dr Cordonnier says that there's talk of Brazil temporarily abolishing the current 10% import duty on corn from countries outside the Mercosul trade bloc, That might allow US exports into the country, who seem to have overstretched themselves on exports earlier in the season. The USDA estimates 2016 US spring corn plantings are off to a good start at 13% complete, up from 4% a week ago 7% a year ago and versus only 8% done for the average of the past 5-years. May 16 Corn settled at $3.81, up 2 1/2 cents; Jul 16 Corn settled at $3.85, up 3 cents'
Wheat: The wheat market finished with good gains, especially in Chicago. News Friday that fund money sits on a near record long in CBOT wheat maybe had a few lightening the load. Weekly export inspections of 456,924 MMT were 34% up on last week. YTD inspections of 17.614 MMT are now 12.9% smaller than a year ago. A Bloomberg survey forecast this year's coming EU28 soft what crop at 145.8 MMT, from within a range of 140.77-153.00 MMT, and all wheat output at 154.9 MMT, from within a range of 15.68-161.70 MMT (USDA all wheat 160.00 MMT in 2015/16). In the case of all wheat that's a 3.2% fall versus last year. The USDA put the US winter wheat crop at 57% headed, only 1 point up on the week, but still better than 42% this time last year. Spring wheat planting is seen at 27% complete versus 13% a week ago, 31% a hear ago and 19% for the 5-year average. Jul 16 CBOT Wheat settled at $4.81, up 13 1/2 cents; Jul 16 KCBT Wheat settled at $4.75 1/2, up 7 1/4 cents; Jul 16 MGEX Wheat settled at $5.32 1/2, up 4 1/2 cents.