CBOT Traders Book Profits Ahead Of USDA Report

Posted by Nogger - a legend in his own mind at 09:44 | Categorized as

08/03/11 -- Soybeans: Mar 11 Soybeans closed at USD13.75 1/2, down 12 1/4 cents; Mar 11 soybean meal closed at USD355.40, down USD2.70; Mar 11 soybean oil closed at 57.97, down 60 points. Profit-taking and position squaring ahead of Thursday's WASDE report from the USDA was the name of the game today. Rains continue to delay the Brazilian harvest, although traders are pretty unanimous that this season's production will be record large.

Corn: Mar 11 corn closed at USD6.98 3/4, down 12 cents; Dec 11 corn closed at USD6.10, down 1/2 cent. South Korea were in the market today for corn along with Mexico, whilst Taiwan are tendering tomorrow for up to 60,000 MT. As with beans book squaring and banking of profits ahead of Thursday was a feature, sending old crop lower for the third session in a row.

Wheat: Mar 11 CBOT wheat closed at USD7.51 1/4, down 17 3/4 cents; Mar 11 KCBT wheat closed at USD8.64 1/2, down 23 1/2 cents; Mar 11 MGEX wheat closed at USD9.12, down 28 1/2 cents. It was wheat's second heavy fall in a row on the back of a wetter outlook for the US Plains. The USDA isn't expected to make major adjustments to supply or demand numbers for wheat on Thursday.