CBOT Close

19/10/10 -- Soybeans

Nov soybeans closed at USD11.80, down 4 cents; Dec soybean meal closed at USD328.20, down USD0.10; Dec soybean oil closed at 47.10, down 56 points. Private exporters announced the sale of 120,000 MT of soybeans to China and 275,000 MT sold to unknown. China surprised the market with an interest rate hike for the first time in three years.


Dec corn closed at USD5.46, down 11 1/4 cents; May corn closed at USD5.63 1/4, down 12 cents. The US harvest is well advanced with corn harvesting at 68% done vs 39% normally. China has surprised the market by raising interest rates for the first time since 2007, in an attempt to curb rising domestic housing prices and persistent inflation.


Dec CBOT wheat closed at USD6.71 1/2, down 18 1/2 cents; Dec KCBT wheat closed at USD7.15 1/2, down 16 1/2 cents; Dec MGEX wheat closed at USD7.29 1/2, down 15 1/4 cents. The USDA reported that private forecasters had sold 110,000 MT of HRS wheat to unknown for 2010/11 delivery and a change in destinations from unknown to Egypt for 110,000 MT of HRW wheat. Egypt also bought 290,000 MT of US, French and Canadian wheat for last half Dec shipment.