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Soybeans

November beans closed at USD10.69, up 32 3/4 cents; October meal closed at USD304.70, up USD11.60; October oil closed at 41.91, up 55 points. Soybeans closed 38 cents higher for week. Managed money increased their longs by 10,520 contracts on the week. Brazil remains too dry for early soybean planting. "Growers anticipate seeding delays of at least 3 weeks due to the expected late arrival of the monsoon. Last year Mato Grosso soybean got planted very early. This proved to be advantageous for the yield, since the critical pod set and bean-filling period coincided with the peak rainy season in January," say Martell Crop Projection.

Corn

December corn closed at USD5.13 1/4, up 17 1/4 cents; March corn closed at USD5.25 3/4, up 17 cents. Front month corn broke through what had hitherto proven to be tough resistance at USD5/bushel for the first time since October 2008. This afternoon’s weekly CFTC report showed managed money adding 33,313 contracts to their net long. Funds bought an enormous estimated 40,000 contracts today, with rumours circulating of one household name throwing USD1 billion into commodities overnight. A hard freeze in Canada is expected to reach the Dakotas by Saturday.

Wheat

December CBOT wheat closed at USD7.39 1/4, up 20 cents; December KCBT wheat closed at USD7.68 1/4, up 17 3/4 cents; December MGEX wheat closed at USD7.73 1/4, up 19 3/4 cents. This afternoon’s CFTC report showed the Funds and Managed Money adding to their net longs in the CBOT wheat this week. Canadian frosts are causing quality concerns, whilst parts of eastern Ukraine and Russia still remain too dry for winter planting. Corn breaking through USD5/bu added support to wheat, although all of the week's gains were made during this session, wheat futures had been down on t he week prior to today.