CBOT Close


November soybeans closed at USD11.26, up 32 1/2 cents; October soybean meal closed at USD313.20, up USD7.70; October soybean oil closed at 44.48, up 97 points. A weak dollar and the Dow Jones up around 200 points fueled spec buying and short covering as beans surged past USD11/bu for the first time in a year. One report circulating suggests that a Californian pension fund is to sink USD2.5 billion into commodities, with a heavy bias on grains. Nov beans closed 57c higher on the week.


December corn closed at USD5.21 3/4, up 22 1/2 cents; March corn closed at USD5.34 1/4, up 22 cents. The dollar hit a six month low, improving the export attractiveness of all the grains. Dec corn got within a quarter of a cent of it's recent contract high but couldn't break through it, closing 8 1/2c higher on the week. Ethanol was 8.6 cents higher and crude oil settled USD1.37 higher at USD76.55/barrel. On the day the funds were estimated to have bought in excess of 15,000 contracts.


December CBOT wheat closed at USD7.20, up 22 3/4 cents; December KCBT wheat closed at USD7.57 1/2, up 20 1/4 cents; December MGEX wheat closed at USD7.62 1/2, up 19 cents. Prior to today Dec CBOT wheat was down 41 3/4c on the week, so was maybe overdue a correction in the face of strong beans and corn. Commodity funds were estimated to have purchased 5,000 CBOT contracts. Russia and eastern Ukraine are starting to get some rain. Western Australia remains too dry, but conditions in the east are near ideal and bumper production is expected there.