Chicago Close - Friday
25/11/16 -- Soycomplex: Soybeans closed higher the day after Thanksgiving, as is frequently the case. Strong weekly export sales of 1,898,600 MT for 2016/17 were up 35 percent from the previous week and 11 percent from the prior 4-week average. Exports of 2,808,200 MT were down 7 percent from the previous week but still mighty impressive. China too over 2 MMT of this week's total. Other than that fresh news was light and trade was thin with many dealers taking the opportunity to book a long weekend. Jan 17 Soybeans closed at $10.46, up 11 3/4 cents; Mar 17 Soybeans closed at $10.54 1/2, up 11 1/2 cents; Dec 16 Soybean Meal closed at $320.80, up $4.40; Dec 16 Soybean Oil closed at 36.66, down 19 points.
Corn: The corn market closed around a cent or so lower. As with beans, fresh news was thin on the ground, and so too were traders. Argentina reported that their corn crop was 41.1% planted of the anticipated 4.9 million ha. Weekly export sales came in at 1,688,800 MT for 2016/17, up 2 percent from the previous week and 31 percent from the prior 4-week average. The trade was expecting sales of 900 TMT to 1.2 MMT. Exports of 591,800 MT were up 9 percent from the previous week, but down 16 percent from the prior 4-week average. FranceAgriMer said that the French corn harvest was 98% complete, up 3 points in a week and the same as this time a year ago. In Russia, corn harvesting is now 80.5% complete at 13.4 MMT. Dec 16 Corn closed at $3.49 1/4, down 1 1/2 cents; Mar 17 Corn closed at $3.58 1/4, down 1 cent.
Wheat: The wheat market closed mixed, higher in Minneapolis and lower in Kansas and Chicago. Minneapolis gets a boost from the continued problems experienced by Canadian growers getting the last of their spring wheat harvest in. Some 6% of the crop is still in the field in Saskatchewan. For once weekly export sales were much better than expected at 712,500 MT for delivery in marketing year 2016/17. These were up 19 percent from the previous week and 27 percent from the prior 4-week average. Exports of 379,500 MT were down 6 percent from the previous week, but up 11 percent from the prior 4-week average. Argentina's wheat crop is reported at 17.7% harvested. Dec 16 CBOT Wheat closed at $3.95 3/4, down 5 3/4 cents; Dec 16 KCBT Wheat closed at $4.11 1/4, down 4 1/4 cents; Dec 16 MGEX Wheat closed at $5.34 1/4, up 7 cents.