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08/06/11 -- Soybeans: Jul 11 soybeans closed at USD14.01 1/2, up 7 1/2 cents; Nov 11 soybeans closed at USD13.92 1/2, up 7 1/4 cents; Jul 11 soybean meal closed at USD372.80, up USD4.80; Jul 11 soybean oil closed at 57.94, up just one point. Beans closed higher on spillover support from corn. Brazil is estimated to have produced a (comfortable) record 75 MMT of soybeans according to CONAB, meanwhile the Argentine harvest is almost done and they will almost certainly have the second highest output in history. Crude oil rallied after OPEC failed to agree to Saudi demands for a production increase. No major changes are expected tomorrow for US soybean ending stocks for either crop year. Estimates for weekly export sales are 150-350 TMT.

Corn: Jul 11 corn closed at USD7.64, up 27 1/2 cents; Dec 11 corn closed at USD6.93 3/4, up 17 1/4 cents. Funds were estimated to have added a further 15,000 contracts to their already weighty corn length today. They simply can't get enough of the stuff, the problem is IF there is a bearish surprise in store tomorrow from the USDA then there will be a massive stampede for the exit corn door. Estimates for tomorrow’s weekly export sales report range from 550,000 to 900,000 MT. Crude oil rising the best part of two dollars after OPEC failed to find a unison on production increases also helped.

Wheat: Jul 11 CBOT wheat closed at USD7.48, up 14 1/4 cents; Jul 11 KCBT wheat closed at USD8.85, up 10 1/2 cents; Jul 11 MGEX wheat closed at USD10.21 1/2, up 36 3/4 cents. The USDA will release the June WASDE report, US winter wheat production estimates and ending stocks projections tomorrow along with the regular weekly export sales report. The latter is forecast to show sales of 200-400 TMT. The former could show anything, but is expected to show lower production from the EU, lower winter wheat output and reduced ending stocks for both crop years.