Corn was little changed to finish the week with CH ½ cent lower, CK down ¼ cent, and CZ unchanged. This short week saw CH lose 1 ¼ cents while CZ gained a scant ¼ cent. Commodity funds were sellers of an estimated 1000 corn contracts as of midday. Today’s trade was one of balancing the somewhat bearish preliminary 2018/19 balance sheet released early today at the Ag Forum Outlook with the bullish corn export number included in this morning’s export sales report. The initial ending stocks estimate for next marketing year is 2.272 billion bu. which is 80 million less than the current 2017/18 ending stocks projection but still a rather burdensome total. This week’s export sales report included 61.2 million bu. of corn sales which was on the low side of expectations but well above the level needed to reach the USDA 2017/18 projection. The USDA announced this morning the sale of 115,000 MT’s of U.S. corn to Egypt. Wet weather is slowing plating of the Brazilian safrinha corn crop. Planting is estimated at about 10% behind the normal pace.
Soybeans staged a late morning rally and were able to hold gains into the close with SH 4 ¼ cents better and SX ¼ cent firmer. This week, SH was 14 ¾ cents higher and SX gained 6 cents. Commodity funds were buyers of an estimated 5000 soybean contracts as of midday. After trading higher overnight, beans dipped into negative territory after the 8:30 trading resumption as the weekly export sales report showed net cancellations of 4.0 million bu. of old crop sales. China and “unknown” accounted for the cancellations. The preliminary 2018/19 soybean balance sheet reduced ending stocks 70 million bu. from the current year figure as next year’s exports are projected at a record 2.3 billion bu. Chinese soybean imports for 2018/19 are expected to exceed 100 MMT’s for the first time. Prices rebounded into the green late in the morning as traders refocused on Argentine weather which looks dry for the next seven days. Argentine weather forecasts will likely provide price direction for the Sunday night/Monday trading session.
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