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.