Chicago Close

18/10/10 -- Soybeans

Nov soybeans closed at USD11.84, down 1 cent; Dec soybean meal closed at USD328.30, up USD0.10; Dec soybean oil closed at 47.66, down 11 points. Weekly export inspections were very strong at 59.384 MMT. the USDA’s crop progress report showed 83% soybeans harvested, ahead of estimates and 54 points ahead of last year. China bought 120,000 MT of US beans overnight. Brazil's top soybean state of Mato Grosso is just 7% planted as of Thursday.


Dec corn closed at USD5.57 1/4, down 5 3/4 cents; Mar corn closed at USD5.69 1/4, down 5 3/4 cents. Corn closed lower for the fourth day in a row. Weekly export inspections as reported by the USDA for were a little low at 28.17 MMT. The USDA’s crop progress report showed corn harvested at 68%, in line with estimates and 52 points ahead of last year. Crude oil traded both sides but settled lower at the end of the day.


Dec CBOT wheat closed at USD6.90, down 14 1/2 cents; Dec KCBT wheat closed at USD7.32, down 13 cents; Dec MGEX wheat closed at USD7.44 3/4, down 9 1/4 cents. Weekly export inspections were 20.798 MMT, slightly down on last week and a bit below what was expected. the USDA’s crop progress report showed winter wheat planted at 80%, up 10%. Emerged showed 51%, up 13 points from last week. Forecast rains for late this week and next in the southern Plains will aid US winter wheat development.