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November soybeans closed at USD10.93 1/2, up 5 cents; October soybean meal ended at USD305.50, down USD0.70; October soybean oil finished at 43.51, up 64 points. Export sales for beans came in at a better than expected 1,083,700 MT, including 810,500 MT to China. The USDA also confirmed further sales of 120,000 MT of beans unknown, 120,000 MT of beans to China today. Census Crush reported the August soybean crush at 128.11 million bushels above trade expectations. Informa Economics pegged the US 2010 soybean crop at 3.412 billion bushels, down slightly on their 3.437 billion previously estimated. They forecast 2011 soybean plantings at 77.4 million acres, down from 78.9 million in 2010.


December corn ended 5 3/4 cents lower at USD4.99 1/4 a bushel; March corn ended 6 cents at USD5.12 1/4 a bushel. Weekly export sales were disappointing at 561,800 MT - the lowest in three months. Are prices rationing demand? Front month December closed back below the important USD5/bu mark. The IGC reduced the world corn crop by 5 MMT to 824 MMT, trimming the US crop by 4 MMT to 334 MMT, whilst world ending stocks fell 4 MMT to 131 MMT. Informa Economics cut it's 2010 US production estimate to 12.88 billion bu, from 13 billion previously. They also however pegged 2011 plantings at 90.4 million acres, up sharply from 87.9 million acres in 2010.


CBOT Dec wheat closed down 22 1/2 cents at USD6.97 1/4 a bushel; KCBT Dec wheat fell 19 cents to USD7.37 1/4; MGEX Dec wheat lost 20 1/2 cents to close at USD7.43 1/2. Weekly export sales were 950,315 MT for 2010/11 delivery but there were net cancellations of 490,500 MT for 2011/12 delivery. That included 275,000 MT to unknown and 220,000 MT to Egypt. The IGC left their world wheat production estimate unchanged from last month at 644 MMT, carryover stocks were reduced 1 MMT to a still more than ample 183 MMT. Informa Economics pegged the 2010/11 US wheat crop at 2.224 billion bushels, and estimate plantings for next season at 57 million acres, compared to 54.3 million for the 2010/11 crop.