Chicago Close

25/10/10 -- Soybeans

Nov soybeans ended up 18 1/4 cents at USD12.17 3/4; Dec soymeal closed up USD3.70 to USD334.60; Dec soyoil ended up 117 points at 49.47. The USDA reported China taking another 232,000 MT of US beans today. China imported 68% more soybeans in September 2010 than they did in the same month of 2009, according to customs data. The USDA reported the US soybean harvest at 91% complete, versus just 42% at this time a year ago and 72% normally. Brazil is only 16% planted vs. 21% last year, but up from 7% last week.


CBOT Dec corn ended 8 3/4 cents higher at USD5.68 3/4; CBOT March corn closed up 9 1/4 cents to $5.81 1/2. Chinese corn futures on the Dalian Exchange hit record levels overnight on ideas that this season's crop will be significantly below official estimates of 169 MMT. Rumours still circulate of Chinese buying interest in US corn, although none showed up in last week's USDA export sales report. The USDA report the US corn harvest at 83% complete, versus just 20% a year ago and 49% normally.


Dec CBOT wheat ended up 3 1/4 cents at USD6.74 per bushel; MGEX Dec wheat ended up 4 1/4 cents to USD7.32 1/2 per bushel; KCBT wheat closed up 2 3/4 cents to USD7.21 3/4per bushel. Australia's wheat crop seems to be shrinking whilst Argentina's is getting bigger. The USDA reported winter wheat at 88% planted, up 8 points from last week and 4 ahead of normal. Emergence is running at 64%, 13 points up on last week and in line with average. Last season they rated 62% of the crop as good/excellent and only 5% as poor/very poor. Today they peg that at 47% and 14% respectively, the lowest good/excellent at this time of year for many years.