Soycomplex
Bans were mostly lower on a favourable 1-5 day weather forecast despite the May NOPA crush of 122.63 million bushels coming in above the average trade guess of around 118 million. Weekly export inspections of 2.76 million bushels weren't great, but nor do they need to be.
A Bloomberg survey of Chinese crushers estimated China's 2013/14 soybean imports at 63.0 MMT, well below the USDA's forecast of 69.0 MMT. They also placed 2012/13 imports at 58.0 MMT, slightly lower than the USDA's 59.0 MMT. Argentine farmers are striking through to Wednesday and the country is on holiday Thursday and Friday. The trade was expecting soybean plantings at 85-90% done, up from 71% complete last week. The USDA came out with a figure at the low end of that range, 85%, after the close. Last year 98% of the crop was planted at this stage and the 5-year average is 91%. The first crop condition ratings of the season pegged good/excellent at 64%, up from 56% a year ago. Jul 13 Soybeans closed at USD15.12 1/2, down 4 cents; Nov 13 Soybeans closed at USD12.85 1/2, down 12 3/4 cents; Jul 13 Soybean Meal closed at USD449.10, down USD1.60; Jul 13 Soybean Oil closed at 48.84, up 36 points.
Corn
Weekly export inspections came in quite strong at 14.144 million bushels versus the 5-10 million expected by the trade. That helped old crop post the best gains of the day. South Korea's NOFI tendered for 140 TMT of corn, including Black Sea origin within it's list of approved origins.
The trade views this as being due to persistent shipping delays out of South America. The Argentine corn harvest is 80% complete versus 69% a year ago, according to the local Ag Ministry. MARS estimated EU corn yields this year at an average 7.13 MT/ha, up from 6.87 MT/ha last month and up more than 20% on 5.91 MT/ha last year. Russia said that it's spring grain planting campaign was complete, including 2.3 million ha of corn, 106.5% of the originally expected area. The USDA didn't issue a planting progress estimate for corn, they did say however that 92% of the crop is emerged versus 85% last week and 97% for the 5-year average. Good/excellent ratings rose one point from last week to 64%. Jul 13 Corn closed at USD6.68 1/2, up 13 1/2 cents; Dec 13 Corn closed at USD5.38 1/2, up 5 1/2 cents.
Wheat
Weekly export inspections of 21.592 million bushels were in line with the expected 20-26 million. Egypt remains absent from the international tender market. They said that they had bought almost 4 MMT of wheat on the local market since their 2013 harvest began.
Wheat imports in the 2012/13 financial year are placed at 6.6 MMT versus the USDA's estimate of 8.5 MMT. The Ukraine Weather Centre estimated their wheat crop at 20.0 MMT versus 19.5 MMT from the USDA. APK Inform forecast the Russian 203 wheat crop at 52.1 MMT, up 38%. The see the 2013/14 exportable surplus at 15.0 MMT, up 50% from 10.0 MMT in 2012/13. South Korea's NOFI tendered for 55 TMT of feed wheat and excluded US wheat from the list of approved origins due to GMO issues. The USDA said that the recent discovery of GMO wheat growing in a field in Oregon was a one off incident. The USDA said that 11% of the nation's winter wheat crop was harvested versus 25% normally. Spring wheat planting is 92% complete versus 97% normally. Jul 13 CBOT Wheat closed at USD6.80 1/2, down 1/4 cent; Jul 13 KCBT Wheat closed at USD7.13 3/4, up 2 1/4 cents; Jul 13 MGEX Wheat closed at USD8.00 1/4, down 3 3/4 cents.
