Chicago Close

Posted by Nogger - a legend in his own mind at 22:20 | Categorized as

28/02/11 -- Soybeans: Mar beans closed 8 1/4c lower at USD13.57 1/4; Mar soymeal ended down USD3.30 at USD356.40, Mar soyoil closed 18 points lower at 56.77. Rain is delaying the Brazilian harvest, but once it comes in it looks like being a record 70-72 MMT. The outlook in Argentina has also improved significantly from early in the season. Chinese buying is seen switching to South America, and also falling from above 5 MMT/month to closer to 3 MMT this month. Export inspections were however strong at 48.6 million bushels.

Corn: Corn rebounded from early losses to close with Mar up 10 1/2c at USD7.22 1/2; Dec was up 5c at USD6.06 3/4. Export inspections weren't very bright at only 24 million bushels, versus 39 million last week. Even so corn managed to shrug off early losses with front month Mar posting its highest close for a nearby contract since early July 2008. Funds were estimated to have bought around 5,000 contracts on the day.

Wheat: CBOT March wheat was up 6c to USD7.82 1/2 per bushel; MGEX wheat climbed 15 cents to USD9.30 3/4; KCBT wheat ended up 15 cents to USD9.02 1/2. A strong showing in Saudi Arabia's weekend tender lent support as did a weaker dollar. Export inspections however were on the low side at 19.5 million bushels compared to 31 million last week. China's wheat crop got some much needed rain over the weekend.