Chicago Close

25/10/11 -- Soybeans: Nov 11 Soybeans closed at USD12.25 1/2, down 1 1/4 cents; Jan 12 Soybeans closed at USD12.33 3/4, down 1 1/2 cents; Dec 11 Soybean Meal closed at USD322.20, up USD0.70; Dec 11 Soybean Oil closed at 51.50, down 29 points. There was a dearth of fresh news as the market anxiously awaits the outcome of the EU summit on Wednesday. Firmer crude oil and a weaker US dollar were supportive.

Corn: Dec 11 Corn closed at USD6.50 3/4, down 1/4 cent; Mar 12 Corn closed at USD6.62 1/4, unchanged. As with the soy complex there was little movement ahead of the meeting of European leaders tomorrow. China's normally conservative CNGOIC said that the country will need to import 5 MMT of corn along with 1.5 MMT of wheat and 56-60 MMT of soybeans in 2011/12.

Wheat: Dec 11 CBOT Wheat closed at USD6.36 1/4, down 6 1/4 cents; Dec 11 KCBT Wheat closed at USD7.33 1/2, down 1 1/2 cents; Dec 11 MGEX Wheat closed at USD9.16 1/2, down 3/4 cent. Jordan bought 100,000 MT of Ukraine wheat in a tender, the first such deal since export restrictions were lifted at the weekend. Egypt is tendering for wheat, and Ukraine origin is included, with the results expected tomorrow.