CBOT Close

21/10/10 -- Soybeans

Nov soybeans closed at USD12.01 1/2, down 10 1/2 cents; Dec soybean meal closed at USD333.40, down USD4.40; Dec soybean oil closed at 48.24, down 23 points. Export sales were much larger than estimated, at 2,017,234 MT, China took almost 1.5 MMT of that total, with "unknown" the next largest buyer taking 227,900 MT. Most pundits are also now projecting 2011 Chinese soybean imports of a record 55-60 MMT.


Dec corn closed at USD5.64 1/4, down 9 1/4 cents; Mar corn closed at USD5.75 3/4, down 9 3/4 cents. Corn export sales were very poor at just 212,500 MT, easily the lowest of the 2010/11 marketing year so far, down 72% from the previous four week average. That total is only around a third of what was expected and may lend some weight to the theory that current prices are rationing export demand.


Dec CBOT wheat closed at USD6.68 3/4, down 14 1/4 cents; Dec KCBT wheat closed at USD7.16 1/2, down 13 1/2 cents; Dec MGEX wheat closed at USD7.28 1/2, down 15 1/4 cents. Wheat weekly export sales were in line with trade ideas at 574,000 MT. Nigeria and Egypt were the main buyers. Wheat has not participated in the rally that the other grains have experienced the past couple of months. Improving weather conditions for wheat in KS and the OK HRW belt weighed on values.