Chicago Close - Monday
15/08/11 -- Soybeans: Sep 11 Soybeans closed at USD13.43 1/2, up 15 3/4 cents; Nov 11 Soybeans closed at $13.51 1/4, up 16 1/2 cents; Sep 11 Soybean Meal closed at USD352.00, up USD4.90; Sep 11 Soybean Oil closed at 54.91, up 75 points. Beans derived support from the general sense of calm in commodities and equities following a weekend that threw up no great economic surprises for once. Weekend rains were deemed to have been a bit disappointing in parts of the Midwest, although the USDA left good/excellent crop ratings unchanged at 61% after the close. The NOPA crush came in at 123 million bushels for July, towards the high end of expectations.
Corn: Sep 11 Corn closed at USD7.07 1/4, up 5 1/2 cents; Dec 11 Corn closed at USD7.20, up 5 1/2 cents. Lower than expected weekend rains, a weaker dollar, strong crude oil and firmer equities underpinned corn. The USDA export inspections report was however lower than anticipated at 27.567 million bushels. After the close the USDA reported good/excellent crop conditions at 60%, in line with expectations and unchanged on the week. There was a shift of one point from excellent into good whilst poor/very poor also saw a one point reduction from 16% last week to 15% this time round.
Wheat: Sep 11 CBOT Wheat closed at USD7.12 1/2, up 10 cents; Sep 11 KCBT Wheat closed at USD8.11, up 15 cents; Sep 11 MGEX Wheat closed at USD8.72 3/4, up 11 1/2 cents. Saudi Arabia bought a combo of wheat over the weekend including some of US origin with Canada and the EU also featuring. Dryness in the southern Plains is a concern with winter wheat plantings there not too far away. The USDA pegged the 2011 winter wheat harvest at 91% complete. Spring wheat harvesting was 13% done with good/excellent running at 66%, unchanged on last week.