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Posted by Nogger - a legend in his own mind at 22:10 | Categorized as

22/12/10 -- Soybeans

Jan 11 soybeans closed at USD13.28 3/4, up 2 1/2 cents; Jan 11 soybean meal closed at USD352.70, up USD0.10; Jan 11 soybean oil closed at 55.97, up 41 points. Strikes and weather concerns in Argentina supported prices, as too did crude oil rising above USD90/barrel. Private exporters announced the sale of 110,000 MT of soybeans to China for 2011/12 delivery. Celeres estimate Brazilian soybean planting at 97% complete. Weekly export sales for tomorrow are expected to be 700,000 – 900,000 MT.

Corn

Mar 11 corn closed at USD6.09, up 6 3/4 cents; May 11 corn closed at USD6.17, up 6 3/4 cents. Corn closed at more than two year highs on weather concerns in Argentina. Private exporters announced the sale of 116,000 MT of corn for 2010/11 delivery to an unknown destination, along with 110,000 MT of soybeans to China. Weekly export sales for tomorrow are expected to be 850,000 – 1,050,000 MT.

Wheat

Mar 11 CBOT wheat closed at USD7.83 1/2, up 18 1/2 cents; Mar 11 KCBT wheat closed at USD8.44 1/2, up 18 cents; Mar 11 MGEX wheat closed at USD8.69 3/4, up 12 cents. Iraq bought 100,000 MT of HRW wheat from the US. Turkey are said to be shopping for 1.0 MMT of what could likely be US or Australian wheat for shipment in the spring. Weekly export sales for tomorrow are expected to be 500,000 - 700,000 MT.