Chicago Spybeans Hit New Highs
01/06/16 -- Soycomplex: Soybeans rose to their best levels on a nearby contract since September 2014. The monthly USDA crush report released after the close showed that 158.15 million bu of soybeans were crushed during the month of April. This was down 5% from March, but 1.14 million above the average trade guess. Last night's crop progress report had beans 73% planted versus 68% a year ago, and 66% for the 5-year average. Emergence is at 56% versus 55% last year and 40% on average. Market fundamentals probably don't warrant beans around $11/bu at the moment, but that's what we've got - in both crop years. Fund money is still short and nervous. Jul 16 Soybeans settled at $10.99 3/4, up 21 1/4 cents; Nov 16 Soybeans settled at $10.68 1/2, up 12 3/4 cents; Jul 16 Soybean Meal settled at $399.10, up $2.50; Jul 16 Soybean Oil settled at $32.19, up 37 points.
Corn: The corn market posted decent gains, and now stands at the highest levels in almost a year on a front-month basis. Lanworth noted that the drought in Brazil’s second crop corn has affected their satellite imagery estimates for the crop – having them lower their estimate to 74.9 MMT for both Brazilian crops compared to the USDA’s 81 MMT. Brazil’s cereals exporting association Anec cut its estimate for 2016 corn exports to 23 MMT from 23.7 MMT previously. The USDA had corn plantings in he US at 94% complete last night, the same a a year ago, but up a little versus 92% on average. They said that 72% of the US crop is good to excellent, 2 points down on a year ago. The regular USDA export inspections report are delayed a day by the Memorial Day holiday and will now be released on Friday. Jul 16 Corn settled at $4.13 3/4, up 9 cents; Sep 16 Corn settled at $4.15, up 8 1/4 cents.
Wheat: The wheat market closed with good gains. The USDA had winter wheat crop conditions up 1 point to 63% in last night's report, with spring wheat up 3 points to to 79%. Possible crop damage to French wheat following recent heavy rains is getting some air-time. FranceAgriMer have steadily been dropping their condition ratings there in recent weeks. Similar conditions are now also getting a mention in Germany. Morocco were reported to have bought 133,000 MT of unknown origin wheat. China only sold off 6,500 MT of the 50,331 MT offered up for sale at government auction today. Australia's 2016 wheat harvest will be the best in five years, National Australia Bank said - pegging that at "at least" 26.1 MMT. Jul 16 CBOT Wheat settled at $4.73 3/4, up 9 1/4 cents; Jul 16 KCBT Wheat settled at $4.56, up 8 3/4 cents; Sep 16 MGEX Wheat settled at $5.36 3/4, up 8 1/4 cents.