Chicago Close

20/07/11 -- Soybeans: Aug 11 Soybeans closed at USD13.78 1/4, down 1 cent; Nov 11 Soybeans closed at USD13.84, up 2 cents; Aug 11 soybean meal closed at USD361.90, up USD1.80; Aug 11 soybean oil closed at 56.77, up 8 points. Midday weather forecasts were a little less threatening, literally taking some heat out of the market. "Weakening of the heat dome will encourage rainfall and cooler temperatures in the Upper Midwest," said Martell Crop Projections. The market looks set to chop this way and that according to the latest forecasts. China bought 220,000 MT of new crop soybeans.

Corn: Sep 11 corn closed at USD6.88, down 10 cents; Dec 11 corn closed at USD6.77 3/4, down 9 1/2 cents. Once again the bulls were incredulous that their little darling corn couldn't hold onto early gains. A sure sign of a market bouncing on the ceiling maybe? Funds were said to have dumped 10,000 lots, the equivalent of around 1.25 million tonnes, on a "noon swoon" after some weather models showed cooler and wetter conditions for the upper and eastern Midwest. The outlook for the west though remains hot and dry. Weekly export sales estimates for tomorrow range from 900 thousand to 1.4 million MT.

Wheat: Sep 11 CBOT wheat closed at USD6.97, up 3 1/2 cents; Sep 11 KCBT wheat closed at USD7.94, up 16 cents; Sep 11 MGEX wheat closed at USD8.52 3/4, up 19 3/4 cents. Short-covering has dragged wheat higher the past couple of sessions even though the bullish weather story is really more about corn. Widespread rains in Europe have stalled the harvest and may lead to quality issues with wheat some are thinking. US wheat remains too expensive to make inroads into North Africa and the Middle East at the moment though. Jordan bought 50,000 MT of likely Black Sea wheat in a tender today. Trade estimates for tomorrows weekly export sales report range from 300 to 500 thousand MT.