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10/03/11 -- Soybeans: Mar 11 soybeans closed at USD13.48 3/4, up 4 3/4 cents; Mar 11 soybean meal closed at USD349.10, up USD0.60; Mar 11 soybean oil closed at 56.48, down 19 points. Given the weakness in corn and wheat this was quite an impressive performance by soya today. The USDA production numbers were neutral to slightly bearish, with Brazil's crop getting raised 1.5 MMT to a record 70 MMT. US ending stocks were left unchanged at 140 million bushels, although the trade is already dismissing that as too high. Weekly export sales at a combined 470,000 MT were in line compared with estimates of 350-500 TMT.Corn: Mar 11 corn closed at USD6.76 1/4, down 18 3/4 cents; Dec 11 corn closed at USD5.87 1/4, down 23 cents. The USDA supply demand report was considered only slightly negative. World ending stocks were increased to 123.1 MMT from 122.5 MMT and the 121.6 MMT expected. US ending stocks were seen at 675 million bushels, unchanged from last month and a bit above the 665 million anticipated. Weekly export sales were disappointing though, and the trade already now seems to be focusing on spring plantings. Corn sowings look like increasing significantly at these levels, hence new crop falling more than old crop today.
Wheat: Mar 11 CBOT wheat closed at USD7.14, down 18 1/4 cents; Mar 11 KCBT wheat closed at USD8.39, down 14 1/2 cents; Mar 11 MGEX wheat closed at USD8.76 1/4, down 15 3/4 cents. The USDA's wheat numbers were the most bearish of the trilogy. World wheat ending stocks were pegged at 181.9 MMT vs 177.8 MMT last month and the 177.77 MMT expected by the trade. US ending stocks were also increased, contrary to expectations of a small decrease. Weekly export sales were also under pre-report estimates.