Chicago Ends Mixed

28/06/16 -- Soycomplex: Soybeans closed with decent gains, but off the intra-day highs. The trade scrutinised last night's crop condition report and was concerned that soybean conditions fell significantly in some leading Midwest states: Illinois dropped 4 points and Iowa -3 points. The forecast remains largely dry. There's talk that Argentine growers are reluctant sellers of their new crop beans as the peso falls sharply against the US dollar. Jul 16 Soybeans closed at $11.50 1/1, up 17 1/1 cents; Nov 16 Soybeans closed at $11.20 1/4, up 15 1/2 cents; Jul 16 Soybean Meal closed at $392.40, up $8.40; Jul 16 Soybean Oil closed at 31.11, down 15 points.

Corn: The corn market closed around unchanged, with continued dry weather forecasts a worry. In last night's crop condition report from the USDA Illinois and Kansas dropped 4 points. Missouri dropped 3. North Dakota dropped 5 points in the good to excellent categories. Overall though the USDA left G/E unchanged when the trade was expecting a 2 point or so decline. Dollar strength is a concern for US exports. Talk of lower than projected US plantings this year also underpins a market where fund money is heavily long. A downwards correction can't be ruled out if something spooks them all at the same time though. The corn harvest in Brazil's top state of Mato Grosso is said to be 16.6% done and yields are down, production could be 23% lower than last year say IMEA. Jul 16 Corn closed at $3.85 1/4, unchanged; Sep 16 Corn closed at $3.98 3/4, down 1/2 cent.

Wheat: The wheat market closed mostly a touch lower. Fresh news was scarce. China offered 2.5 MMT of wheat from state reserves up for auction and was hardly knocked over in the rush selling only 22 TMT. US winter wheat harvesting is 45% complete and crop conditions improved week over week, said the USDA last night. The combines are rolling in Russia and Ukraine and good crops are expected there this year. I've even heard of spring barley being cut in Russia! Early yields are said to be ominously good. It looks therefore like another strong export campaign can be expected from both again this year. Jul 16 CBOT Wheat closed at $4.43 3/4, down 3 cents; Jul 16 KCBT Wheat is at $4.8 3/4, down 4 cents; Sep 16 MGEX Wheat is at $5.13 1/4, down 1 1/2 cents.