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Agricharts Market Commentary
Wheat futures were steady to a penny higher in MPLS contracts on Thursday, with KC up 4 to 5 and CBT 6 to 7 cents in the green. The USDA reported all wheat export sales in the week of June 14 at 461,633 MT, on the higher end of expectations. That was 23.6% larger than the same week last year and a jump of 52.7% from a week ago. The Philippines purchased 137,000 MT, with Japan buying 118,500 MT. Weekly exports were up 37.71% from the week prior at 426,920, which was still 31,63% below the same week last year. In Japan's weekly MOA tender, they purchased 91,188 MT of combined US (65,943 MT) and Australian wheat on Thursday. Consultant Agritel is projecting Russia's 2018 wheat crop to drop to 67.4 MMT. That is on the lower end of most estimates, compared to the USDA's 68.5 MMT.Jul 18 CBOT Wheat closed at $4.95 1/4, up 7 cents,Jul 18 KCBT Wheat closed at $4.93 1/4, up 4 1/2 cents,Jul 18 MGEX Wheat closed at $5.52 3/4, unch,
Soybean futures saw losses of 9 to 10 cents in most front months on Thursday. Front Month soy meal was down $1.40/ton, with soybean oil 18 points in the red. Uncertainty over the ongoing US-China trade dispute is still weighing on the market. Old crop soybean export sales for the week of 6/14 totaled 301,745 MT, edging into traders estimates. That was better than the same week last year. The Netherlands purchased 240,300 MT, with most switched from unknown destinations. China canceled 66,000 MT. Sales of new crop soybeans totaled 227,605 MT. Export shipments of soybeans totaled 992,047 MT, well above last year and 66.1% larger than last week. Soy meal sales were tallied at 120,106 MT, as 18,777 MT was reported for soy oil. Argentina's soybean production is now seen at 37.2 MMT, 600,000 MT higher than the previous estimate.Jul 18 Soybeans closed at $8.80 1/2, down 9 cents,Aug 18 Soybeans closed at $8.85 1/2, down 9 cents,Sep 18 Soybeans closed at $8.91 1/4, down 9 cents,Jan 19 Soybeans closed at $9.10 1/2, down 9 1/2 cents,Jul 18 Soybean Meal closed at $331.80, down $1.40,Jul 18 Soybean Oil closed at $29.19, down $0.18
Corn futures ended the Thursday session with most contracts 2 to 3 cents higher. This morning's USDA Export Sales report indicated that just 165,917 MT of old crop corn was sold in the week that ended June 14, well below estimates. That was lowest weekly sales total since the week of December 28. There was 584,700 MT reported in reductions for unknown destinations. New crop sales totaled 339,692 MT. Export shipments of corn were shown at 1.763 MMT, a 25.4% jump from last week and well above last year at this time. China sold 1.418 MMT of corn from state reserves on Thursday, totaling 35.6% of the offered amount. Two separate South Korean importers purchased a total of 126,000 MT of corn in tenders on Thursday. Of the total 60,000 MT was likely from the US and the remaining optional origin.Jul 18 Corn closed at $3.57, up 2 3/4 cents,Sep 18 Corn closed at $3.66 1/2, up 2 3/4 cents,Dec 18 Corn closed at $3.78 1/4, up 2 1/2 centsMar 19 Corn closed at $3.87 3/4, up 2 1/2 cents