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November soybeans closed at USD10.71 3/4, up 17 3/4 cents; October soybean meal closed at USD294.90, up USD6.90; October soybean oil closed at 43.47, up 37 points. Private exporters announced the sale of 225,000 MT of soybeans to China for 2010/11 delivery. A rebound from recent heavy losses was probably the underlying theme. Although "twenty percent of US soybeans were gathered in the week ending October 3, according to USDA, pushing the US soybean harvest to 37% complete, one of the fastest on record," say Martell Crop Projections.


December corn closed at USD4.91, up 19 1/2 cents; March Corn closed at USD5.01 3/4, up 18 3/4 cents. The US Grains Council touring China’s corn growing areas are now estimating China’s corn production at 158 MMT, a lot less than the USDA's current estimate. Corn has rebounded sharply from an approach towards the USD4.50 resistance level. The USDA reported yesterday that US corn harvesting advanced just 10% to 37% complete as of Sunday.


December CBOT wheat closed at USD6.63 1/2, up 16 1/4 cents; December KCBT wheat closed at USD7.01, up 18 cents; December MGEX wheat closed at USD7.12, up 16 1/4 cents. Iraq issued a tender for 100,000 MT of wheat. Statistics Canada say that their wheat crop will come in at 22.2 MMT, 17% down on last season. The market seems to have regained some confidence ahead of Friday's USDA report.