CBOT Close
06/07/11 -- Soybeans: Jul 11 soybeans closed at USD13.31, down 1 1/4 cents; Nov 11 soybeans closed at USD13.18 1/2, up 1/2 cent; Jul 11 soybean meal closed unchanged at USD341.70; Jul 11 soybean oil closed at 55.27, up 17 points. As my old Mum used to say, this market could make a cat laugh. Which in a nutshell means that no sooner have we got over moaning about excessive moisture and too cold temperatures than we are focusing on "a heat dome" forming. When I say we, I actually mean some of the popular "news services" who, like the tabloid papers, need to sell copy every day.Corn: Jul 11 corn closed at USD6.48 3/4, down 31 3/4 cents; Dec 11 corn closed at USD6.08 1/2, down 4 cents. Some never say die bulls are suggesting that China bought up to 8 MMT of corn on the recent price dip. Maybe they did, but if so they will be kicking themselves now with front month July down more than 30 cents as funds offloaded a further estimated 6,000 contracts on the day. It cannot be stressed highly enough, if funds want out then the market comes lower. We aren't trading on fundamentals any more, we are trading FUND-a-mentals.
Wheat: Jul 11 CBOT wheat closed at USD6.11 1/4, down 2 1/2 cents; Jul 11 KCBT wheat closed at USD7.08 3/4, down 9 3/4 cents; Jul 11 MGEX wheat closed at USD8.63 3/4, down 5 1/2 cents. Wheat followed corn lower. Jordan was said to have bought 150,000 MT of Russian wheat in an offer it found too good to refuse. Egypt is back in the market and may re-evaluate it's anti-Russian stance according to some reports. As is often the case "drought" frequently means that what wheat is available is of better quality and higher protein. That seems to be the case in France this year.