Chicago Close

28/10/10 -- Soybeans

Nov 10 soybeans closed at USD12.25, up 1 1/4 cents; Dec 10 soybean meal closed at USD336.30, up USD0.40; Dec 10 soybean oil closed at 49.70, up 10 points. Beans rallied to new highs early in the session on the back of another week of strong export sales, but faded near later in the day. The USDA reported 2.026 MMT were sold for export last week, the second week above 2 MMT. In addition they also reported a further 305,000 MT sold to "unknown". Census crush for September was in line with expectations at 130.44 million bushels.


Dec 10 corn closed at USD5.79, up 1 3/4 cents; Mar 11 corn closed at USD5.92, up 1 3/4 cents. Weekly Export Sales of 550,800 MT for corn which was above trade estimates. There was however no sign of the widely rumoured sales to China with Japan and South Korea the largest buyers. Argentina has planted 68.7% of their corn, up 6.2 points from last week, and are looking at a potential record 26 MMT crop. They are the second largest exporter in the world after the US.


Dec 10 CBOT wheat closed at USD7.18 1/4, up 15 1/2 cents; Dec 10 KCBT wheat closed at USD7.71 1/4, up 17 1/4 cents; Dec 10 MGEX wheat closed at USD7.76 1/4, up 18 cents. Trade estimates for export sales were 400-700 TMT, they actual came in at 604,400 MT. US Wheat export commitments are at 57% of the USDA’s estimated exports for the year vs 66% on average. US weather remains a concern for winter wheat. Funds were net buyers of an estimated 4,000 wheat contracts in Chicago.