Chicago Close

18/07/11 -- Soybeans: Nov soybeans ended down 3/4c at USD13.86 1/4/bushel; December soymeal ended down USD1.30 at USD364.60; Dec soyoil dropped 44 points to 57.82. A firmer US dollar and weaker crude were negative influences. Weather forecasts are conflicting. Export inspections of 28.95 million bushels were a bit flat at 9 million bushels behind last year's pace. The USDA Crop Progress report gave a 2 point fall in good/excellent conditions to 64%, in line with expectations.

Corn: Sep 11 corn closed at USD6.96 1/4, down 5 cents; Dec 11 corn closed at USD6.77, down 8 cents. Export inspections were a bit disappointing at 28.95 million bushels. Funds sold an estimated 8,000 contracts on tha day as weather forecasts turned a little less threatening. Calls have the "heat dome" moving away west later in the week. After the close the USDA gave a 3 point drop in good/excellent conditions to 66%. That was probably in line with expectations.

Wheat: Sep 11 CBOT wheat closed at USD6.89 1/2, down 5 1/4 cents; Sep 11 KCBT wheat closed at USD7.61, down 3 1/2 cents; Sep 11 MGEX wheat closed at USD8.22 1/2, down 1 1/4 cents. Wheat was lower but well of session lows. Weekly export inspections came in at 18.726 million bushels, lower than anticipated. The USDA pegged winter wheat harvested at 68% done, a tad down on last year and the 5 year average. Spring wheat good/excellent conditions are 73%.