Chicago Closing Comments

27/10/10 -- Soybeans

Nov 10 soybeans closed at USD12.23 3/4, up 4 3/4 cents; Dec 10 soybean meal closed at USD335.90, up USD0.40; Dec 10 soybean oil closed at 49.60, up 7 points. Nov 10 beans opened sharply lower and briefly fell below USD12/bushel, but rallied to post modest gains by the close of play. Trade estimates for export sales reported tomorrow are 1.5-2.0 MMT. Census crush data for September will be released tomorrow morning with average crush estimates at 130.5 million bushels, compared to 114.0 million last year and 128.1 last month.


Dec 10 corn closed at USD5.77 1/4, up 6 1/4 cents; Mar 11 corn closed at USD5.90 1/4, up 6 1/4 cents; May 11 corn closed at USD5.96, up 6 cents. Corn closed near session highs after opening lower and coming under early pressure on the back of a firmer US dollar. Private estimates for China’s strategic corn reserves are as low as 10 MMT after the release of 45 MMT over the course of the last 2 years. Trade estimates for USDA weekly export sales reported tomorrow are a very minimal 450-550 TMT.


Dec 10 CBOT wheat closed at USD7.02 3/4, up 10 3/4 cents; Dec 10 KCBT wheat closed at USD7.54, up 15 1/2 cents; Dec 10 MGEX Wheat closed at USD7.58 1/4, up 12 1/2 cents. This was the first CBOT Nov wheat close above USD7/bu since Oct 15th. Concerns over crop conditions in the Plains are still at the forefront, where below normal precipitation is expected this next week. Trade estimates for export sales reported tomorrow are 400-700 TMT.