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24/02/11 -- Soybeans: May soybeans ended 2 1/4c lower at USD13.29 1/4 a bushel; May soymeal fell USD1.20 to USD354.90; May soyoil ended 42 points lower at 55.28. The USDA said that US farmers will sow a record 78 million acres of soybeans in the 2011-12 crop marketing year. This is expected to produce a record 3.345 billion bushel crop.Corn: Mar corn closed down 5 3/4c to USD6.85 3/4 a bushel; May corn ended down 5 3/4c to USD6.96 1/2 a bushel. The USDA Outlook Forum is underway pegging the US corn area this spring at 92m acres, the second highest since 1944. Trade estimates for tomorrow's weekly export sales report range from 850,000 to 1,000,000 MT.
Wheat: Mar 11 CBOT Wheat closed at USD7.47 1/4, down 15 3/4 cents; Mar 11 KCBT wheat closed at USD8.61 1/2, down 17 1/4 cents; Mar 11 MGEX wheat closed at USD8.93 3/4, down 13 cents. Weekly export sales for tomorrow's report from the USDA range from 700,000 to 1,000,000 MT. The IGC increased it's world 2010/11 wheat crop estimate by a million to 648 MMT today. Output in 2011/12 is seen rising 24 MMT, or 3.7%, to 672 MMT.