March Corn finished down 11 at 693 1/4, 13 off the high and 1 up from the low. May Corn closed down 10 1/4 at 696 1/2. This was 1 1/4 up from the low and 12 1/4 off the high.
The corn market traded lower on the day in thin, post-holiday trade. Sluggish export demand and poor ethanol margins continue to keep gains limited in the short term.
Many feel that more corn has been used in feed over the last quarter which could be supportive long term. Additional downside may have been linked to fears that the US Longshoremen Union will go on strike which would delay or stop vessel loading in the PNW keeping more grain here in the US.
Export Inspections were considered negative to price action today after coming in at 13.5 million bushels vs. 15 million last week.
Inspections needed each week to reach this crop years USDA export estimate are 24.8 million bushels, up from 24.5 last week. The cumulative shipment pace is 21.5 per cent of the current USDA forecast vs. the 5 year average of 29.5 per cent per cent.
Cheaper corn out of South American and Ukraine continues to stifle an progress in the export sector. Thoughts that South America may slow their sales pace in 2013 which may shift demand to the US border is a positive for prices long term.
Outside markets offered little direction with US stocks trading lower and the weaker US Dollar failed to provide any support to grain futures throughout the day.
January Rice finished down 0.195 at 15.15, equal to the high and equal to the low.
Soy Futures Closed Lower
January Soybeans finished down 15 1/4 at 1424 1/2, 22 3/4 off the high and 3 1/4 up from the low. March Soybeans closed down 17 3/4 at 1418. This was 3 up from the low and 25 off the high.
January Soymeal closed down 3.1 at 431.7. This was 3.7 up from the low and 5.7 off the high.
January Soybean Oil finished down 0.65 at 48.29, 0.81 off the high and 0.09 up from the low.
March soybeans ended the day with double digit losses in thin, post-holiday trade despite demand side data that was considered positive to price direction.
The USDA reported that 115,000 tonnes of soybeans were sold to China and 108,000 tonnes were sold to an unknown destination for the 2012/13 marketing year.
Export Inspections were also considered positive today but traders shrugged off the news and bears kept the selling pressure on the market.
Inspections for the week ending December 20th were pegged at 44.5 million bushels vs. 36.9 last week. Inspections needed each week to reach the current USDA estimate are 16.7 million bushels, down from 17.4 last week.
The cumulative inspection pace is now 55 per cent of the USDA export estimate vs. the 5 year average of 42 per cent. Traders were also concerned that a Longshoremen's strike at grain terminals in the PNW might stop or disrupt the loading of vessels which could result in canceled sales.
Outside markets offered very little support today as US Stocks traded lower and the weaker US Dollar failed to support corn, soybeans, or wheat.
Wheat Futures Closed Lower
March Wheat finished down 19 1/4 at 774 1/2, 20 3/4 off the high and 3/4 up from the low. May Wheat closed down 19 at 784 1/2. This was 3/4 up from the low and 20 1/4 off the high.
KC and Chicago wheat futures traded sharply lower into the closing bell and both made a new low for the move on the day. Traders noted that volume was very low with many traders still away on vacation.
A snow system moved across the western plains and into the eastern Corn Belt today but accumulation was light in areas of Kansas and western Oklahoma.
The eastern US saw heavier amounts which could help boost soil moisture profiles in the spring. Temperatures in central and western Kansas were near levels that may have resulted in winterkill for crops that have no snow cover but futures continued to press lower on news that a US Longshoremen port strike in the PNW was imminent.
The PNW is a key port for wheat exports to Asia and a strike could stop or delay vessel loading which could shift optional-origin sales to other origins around the globe.
Export Inspections failed to inspire the bull camp after reporting shipments of just 15.1 million bushels vs. 16.4 last week.
Shipments needed each week to reach this crop years USDA export estimate are 23.3 million bushels, up from 22.9 last week. The cumulative shipment pace is 48 per cent of the current USDA export forecast vs. the 5 year average of 57 per cent.
March Oats closed down 5 at 360. This was 4 1/4 up from the low and 7 1/2 off the high.
