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Corn futures ended the Monday session with most contracts 2 to 4 cents lower, pressured by another week of low export inspections. The USDA announced a private export sale of 110,000 MT of corn to Mexico for 17/18 delivery this morning. Their weekly Export Inspections report indicated shipments of 658,403 MT for the week ending 12/7. That was 24.53% lower than this week last year but up 8.8% from the previous week. Analysts are estimating the USDA will trim the 17/18 US corn ending stocks number by 9 mbu to 2.478 bbu on Tuesday. World ending stocks for 17/18 are projected to be trimmed 1.14 MMT to 202.72 MMT.Dec 17 Corn closed at $3.36 1/2, down 3 1/2 cents,Mar 18 Corn closed at $3.49, down 3 3/4 cents,May 18 Corn closed at $3.57 1/4, down 3 3/4 centsJul 18 Corn closed at $3.65 3/4, down 3 1/2 cents
Wheat futures saw losses of 4 to 5 1/2 in most CBT and KC contracts, with MPLS 1 to 2 1/2 cents lower. All wheat exports for the week that ended last Thursday totaled 316,867 MT. That is 38.87% lower than this time last year and down 32.9% from last week. Analysts are expecting to see a slight reduction in the world wheat ending stocks number on Tuesday, mainly from lower expected Australian production. That ending stocks number is estimated at 267.05 MMT, down 0.48 MMT. US ending stocks are estimated to be 938 mbu, up 3 mbu from November. Egypt’s GASC is seeking wheat for January 21-31 delivery, with the tender to close tomorrow. Russia has the inside track, but there are still concerns about the ergot issue.Dec 17 CBOT Wheat closed at $3.87 3/4, down 4 1/4 cents,Dec 17 KCBT Wheat closed at $3.95 1/4, down 5 1/2 cents,Dec 17 MGEX Wheat closed at $5.96 3/4, down 1 cent
Soybean futures closed the day with most contracts 5 to 7 1/2 in the red. December meal was down $4.00/ton, with nearby bean oil 14 points in the red. A private export sale of 132,000 MT for 17/18 delivery was sold to unknown destinations, as announced by the USDA through their daily export reporting system. This morning’s USDA Export Inspections report showed 1.230 MMT in exports during week of 12/7. That was a drop of 31.78% from the week prior and 33.31% behind this time a year ago. The USDA is expected to increase the 17/18 US ending stocks number for soybeans 15 mbu to 440 mbu, as traders are looking for a cut in projected exports. On the world side ending stocks are seen at 97.83 MMT, slightly lower than last month.Jan 18 Soybeans closed at $9.82 1/2, down 7 1/4 cents,Mar 18 Soybeans closed at $9.94, down 7 1/2 cents,May 18 Soybeans closed at $10.05 1/4, down 7 cents,Aug 18 Soybeans closed at $10.15 3/4, down 6 1/4 cents,Dec 17 Soybean Meal closed at $326.00, down $4.00,Dec 17 Soybean Oil closed at $33.40, down $0.14