Soybeans Jump As Argentine Production Estimates Slashed
26/04/16 -- Soycomplex: Beans closed with strong gains to finish back up above £10/bu. Dr Cordonnier cut his ideas of Argentine soybean prospects by a further 2.0 MMT from last week to 57.0 MMT. The rapid decline of the Argentine crop has taken a few buy surprise, should it come to fruition, woth 59-60 MMT being the norm just a could of weeks ago. Funds were estimated buyers of 14,000 soybean contracts on the day. May 16 Soybeans settled at $10.17 3/4, up 18 cents; Jul 16 Soybeans settled at $10.27 1/4, up 17 1/2 cents; May 16 Soybean Meal settled at $323.30, up $6.90; May 16 Soybean Oil settled at 33.94, up 4 points.
Corn: The market closed around 5-6 cents higher. Chinese customs data showed ethanol imports more than doubling in March from February, with nearly all of that comng from the United States. Firmer beans and an improved Chinese economic outlook are supportive to corn. So too are weather conditions in South America and the news that Brazil is to temporarily allow corn imports duty free from outside the Mercosur trade black. Funds were estimated buyers of 8,000 contracts in corn. May 16 Corn settled at $3.82 1/4, up 5 1/4 cents; Jul 16 Corn settled at $3.87 1/4, up 5 1/2 cents.
Wheat: The wheat market stronger, led by Chicago which is where the bulk of the fund short money is. "The strength in wheat has been in defiance of the higher (US) crop condition ratings, said one markket commentator. According to the EU's MARS yield potential for EU winter wheat and barley is up from a month ago. ProZerno say the Russia will end up exporting a record volume of wheat and corn this season. Jul 16 CBOT Wheat settled at $4.87 3/4, up 10 cents; Jul 16 KCBT Wheat settled at $4.78, up 4 1/4 cents; Jul 16 MGEX Wheat settled at $5.42 3/4, up 5 1/4 cents.