The wheat estimates also weighed on sentiment in the corn market, even though the USDA predicted smaller-than-expected supplies of that crop. The contract for July delivery fell 15 1/4 cents, or 3%, to $4.95 a bushel at the Chicago Board of Trade. Reductions in 2015/16 and 2016/17 Brazil corn exports were offset by higher exports for the United States and reduced imports for the European Union and Mexico.
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Argentine farmers have brought in 86.7 percent of land planted with soybeans this season, the Buenos Aires Grains Exchange said on Thursday, adding 8 percentage points during the week but lagging last year’s harvesting tempo by 9.9 percentage points due to rains.
Globally, soybean stockpiles at the end of next season are expected to fall to 66.3 million metric tons from 72.3 million in the current season.
For corn, USDA said US ending stocks for 2015/16 would be 1.708 billion bushels, down from its May outlook for 1.803 billion bushels.
The USDA forecast domestic soybean stockpiles at the end of August 2017 would total 260 million bushels, down from estimated inventories of 370 million bushels in 2015-16.
Crop statistician Mark Schleusener breaks down the numbers. Ukraine 2016/17 soybean exports are also cut with a lower forecast crop. Wheat is up for a third week although the market has taken a hit since Thursday on expectations of bumper production of the USA winter crop while corn has risen for five straight weeks.
Old-crop wheat ending stocks were raised to 980 million bushels from 978 million. The EU production increase is entirely for Spain and reflects favorable growing conditions as confirmed with satellite imagery data. Although abundant precipitation can reduce yield prospects in low-lying areas, it may increase yield elsewhere.
And the U-S spring wheat crop condition remains unchanged from last week at 79 per cent good to excellent, 10 points ahead of a year ago.
Weekly U.S. wheat exports of 223,800 tonnes were below analyst expectations that ranged from 300,000 to 500,000 tonnes. Foreign exports for 2016/17 are up 1.0 million tons with the European Union and Russian Federation each up 0.5 million tons given their increased production. July soy oil futures are $0.04 lower at $32.99.
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Global 2016/’17 coarse grain consumption was raised 4.1 million tons with larger corn and barley feeding for Iran and greater barley feeding for the European Union and Saudi Arabia. For the European Union, the late season rain in major producing regions is expected to reduce wheat quality and increase feeding.
