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07/10/10 -- Soybeans

November soybeans ended 3 cents higher at USD10.65; December soymeal ended USD0.40 higher at USD296.20; December soyoil settled 0.34 cents higher at 44.12. Export sales of 947,400 MT were down from the previous week, but in line with estimates for sales of 750-950,000 MT. The market is particularly cautious ahead of tomorrow's USDA report given last week's surprises. Soybean production and ending stocks are expected to see small reductions.


December corn settled up 9 3/4 cents at USD4.98 1/4; Export sales were disappointing at a combined 632,500 MT against estimations for sales of 750-850,000 MT. In tomorrow's USDA report ending stocks for corn are seen at 1.172 billion (USDA 1.116 billion last month). Some reports suggest that the USDA may raise planted acres to compensate for lower yields, leaving production relatively unchanged. Mexico and South Korea purchased 822,960 MT and 110,000 MT respectively of US corn today.


CBOT December wheat closed up 1 cent at USD6.59 1/4; KCBT Dec wheat rose 2 cents to USD6.99 1/2; MGEX Dec wheat rose 1 1/4 cents to USD7.06 1/2. All exchanges finished well off early highs ahead of tomorrow's USDA report. Export sales were above the average trade estimates (450-650,000 MT) at 808,400 MT. Ending stocks for wheat tomorrow are seen at 873 million (USDA last month: 902 million). Reports coming out of Western Australia are also a worry, where the wheat crop is seen at less than half last year.