Chicago Ends Lower In "Turnaround Tuesday"
29/11/16 -- Soycomplex: Beans closed lower in "Turnaround Tuesday" style. There was probably also an element of book-squaring an profit-taking to coincide with month end. The USDA published their baseline proijections, pegging US soybean acreas at 85.5 million next year, with yields at 47.9 bu/acre and 2017/18 ending stocks of 396 million bushels. Brazil is reported to be around 75% planted nationally with beans for their 2016/17 harvest, with leading state of Mato Grosso 97.6% done and Parana 95% complete. The crop is said to be generally in very good condition at this early stage, Argentina is 33.7% planted versus around 40% on average. There were no new USDA announcements of soybean sales today under the daily reporting system. Jan 17 Soybeans settled at $10.42 1/2, down 13 1/2 cents; Mar 17 Soybeans settled at $10.51, down 13 1/2 cents; Dec 16 Soybean Meal settled at $321.70, down $4.20; Dec 16 Soybean Oil settled at 36.36, down 35 points.
Corn: The market closed with heavy losses. The USDA's baseline numbers for next year were plantings of 90 million acres, a 170.8 bu/acre yield and 2017/18 ending stocks of 2.298 billion bushels. Brazil's full season corn is reported to be 99% planted in Parana and 90% done in Rio Grande do Sul. Argentina is 41% complete versus 49% on average at this time. Brazil's corn exports could jump 62% next season, according to their National Grain Association. Russia reported their 2016 total grain harvest to be 96.7% complete at 124.4 MMT. Corn harvesting is 82.6% done at 13.9 MMT. Ukraine's harvest is now 95% complete at 62 MMT, including 22.9 MMT of corn off 86% of the planned area. The French corn harvest is over with production expected to be no higher than 11.5 MMT this year, according to Agritel. Dec 16 Corn settled at $3.36 3/4, down 11 3/4 cents; Mar 17 Corn settled at $3.49, down 9 1/4 cents.
Wheat: The wheat market finished lower across the board. The USDA early baseline projections for wheat next year is an acreage of 48.5 million, a 47.1 bu/acre yield and 2017/18 ending stocks adding up to 993 million bushels. Egypt's GASC bought 240,000 MT of Russian wheat for early Jan shipment paying a little bit less than previously. There were no US offers. Strategie Grains forecast a recovery in EU-28 soft wheat production to 152.9 MMT next year, some 8 MMT above output in 2016. They see EU-28 soft wheat exports in 2017/18 at 30 MMT, up 5.7 MMT on this season. At the same time, exports from Russia, Ukraine and Kazakhstan collectively are currently expected to fall by some 2 MMT in 2017/18, as production there declines to trend-levels, said Agrimoney. Ukraine winter wheat is said to be 95% planted. Russia is just about finished. Dec 16 CBOT Wheat settled at $3.84, down 5 1/2 cents; Dec 16 KCBT Wheat settled at $3.98 3/4, down 12 3/4 cents; Dec 16 MGEX Wheat settled at $5.34 1/4, down 7 cents.