Chicago Close - Wednesday
Soybeans
Nov Soybeans closed at USD10.42 1/2, up 7 cents; Oct soybean meal closed at USD294.50, up USD0.80; Oct soybean oil closed at 41.61, up 28 points. Private exporters announced the sale of 21,000 MT of soybean oil to Algeria for 2010/11. Brazilian farmers are waiting on rain before they can start planting the 2011 crop. Planted area is currently expected to be slightly up on last year, with output in the region of 68-70 MMT. Export sales estimates for Thursday range from 650,000 to 850,000 MT.
Corn
Dec corn closed at USD4.95 1/4, up 1/4 cent; March corn closed at USD5.08 1/2, up 1/4 cent. Front month Dec couldn't quite manage to break through the magical USD5/bu mark. This is the first time since October 2008 that corn has traded at this level. The high then was USD5.00, with prices ultimately falling away. The market is full of optimism that corn is the next "big thing" but at the same time wary of pushing into higher ground. Weekly export sales are out tomorrow. The range of estimates for the report is 750,000 to 850,000 MT.
Wheat
Dec CBOT wheat closed at USD7.04 1/2, down 9 1/4 cents; Dec KCBT wheat closed at USD7.59 3/4, up 2 1/4 cents; Dec MGEX wheat closed at USD7.53 1/4, down 1 3/4 cents. Wheat futures closed lower for the second day as the basis continues to widen. Country elevators, choc-full of wheat, are aggressive sellers, trying to make room for the bean and corn harvest. Weekly export sales estimates for Thursday range from 850,000 to 1,250,000MT. Egypt bought 295,000 MT of wheat of which 55,000 MT was US origin.
Nov Soybeans closed at USD10.42 1/2, up 7 cents; Oct soybean meal closed at USD294.50, up USD0.80; Oct soybean oil closed at 41.61, up 28 points. Private exporters announced the sale of 21,000 MT of soybean oil to Algeria for 2010/11. Brazilian farmers are waiting on rain before they can start planting the 2011 crop. Planted area is currently expected to be slightly up on last year, with output in the region of 68-70 MMT. Export sales estimates for Thursday range from 650,000 to 850,000 MT.
Corn
Dec corn closed at USD4.95 1/4, up 1/4 cent; March corn closed at USD5.08 1/2, up 1/4 cent. Front month Dec couldn't quite manage to break through the magical USD5/bu mark. This is the first time since October 2008 that corn has traded at this level. The high then was USD5.00, with prices ultimately falling away. The market is full of optimism that corn is the next "big thing" but at the same time wary of pushing into higher ground. Weekly export sales are out tomorrow. The range of estimates for the report is 750,000 to 850,000 MT.
Wheat
Dec CBOT wheat closed at USD7.04 1/2, down 9 1/4 cents; Dec KCBT wheat closed at USD7.59 3/4, up 2 1/4 cents; Dec MGEX wheat closed at USD7.53 1/4, down 1 3/4 cents. Wheat futures closed lower for the second day as the basis continues to widen. Country elevators, choc-full of wheat, are aggressive sellers, trying to make room for the bean and corn harvest. Weekly export sales estimates for Thursday range from 850,000 to 1,250,000MT. Egypt bought 295,000 MT of wheat of which 55,000 MT was US origin.
