Morning Grain Comments, 10/16/2015

Friday, October 16, 2015

Corn continues to suffer in technical purgatory this morning; beans aren't exactly surging into the end of the week either, but they remain the favored commodity over corn and wheat as the U.S. export program starts to ramp up seasonally. Traders wouldn't mind waiting until after this morning's holiday-delayed export sales report before any attempt to reverse bean gains, following a big soybean inspections number earlier this week.

South Koream corn processors bought 55k tonnes of South American corn overnight, for Feb delivery, at just under $190/tonne C&F. The country's millers are also seeking up to 161k tonnes of wheat from the U.S. and Australia.

Egypt's GASC yesterday bought 240k tonnes of wheat for November 21-30 shipment, including 180k tonnes from Russia and 60k from Romania. The average price came in at just over $212/tonne C&F.

The Rosario grains exchange pegged Argentine soybean plantings at 20.5 million hectares (50.66 million acres) for 2015/16, up from 20.2 mln ha (49.9 mln ac) last season; planting will commence this month into November. 2015/16 wheat production was also seen at 9.3 MMT, compared to the USDA's current 10.5 MMT estimate, and 12.5 MMT last season.

September NOPA soybean crush came in at 126.7 million bushels yesterday morning, below the average 129.2 mbu trade guess, and down from 135.3 mbu in August, but well above 99.97 mbu last September, and the largest Sept figure since 2007. Trade estimates ranged from 125.0-132.7 mln bu.

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