CBOT Close

04/11/10 -- Soybeans

Nov 10 soybeans closed at USD12.64 3/4, up 37 1/4 cents; Dec 10 soybean meal closed at USD348.20, up USD9.30; Dec 10 soybean oil closed at 51.25, up 135 points. Weekly export sales were strong again at 1,586,200 MT for 2010/11 and 30,000 MT for 2011/12 delivery. China was the biggest buyer at 927,100 MT for 2010/11 delivery. The Fed's decision to pour another USD600 billion into the US economy was seen as supportive for commodities all round.


Dec 10 corn closed at USD5.90, up 9 cents; Mar 11 Corn closed at USD6.03 3/4, up 9 1/4 cents. Corn sales were again a bit flat at 461,600 MT and towards the bottom end of expectations. Yet again there were none of the alleged Chinese sales. Shipments were better than the last four week average at 880,300 MT. Next Tuesdays USDA report will peg the US production figure at 12.542 billion bushels, according to the average trade estimate.


Dec 10 CBOT wheat closed at USD7.13 3/4, up 23 1/2 cents; Dec 10 KCBT wheat closed at USD7.69, up 22 1/2 cents; Dec 10 MGEX wheat closed at USD7.84 3/4, up 22 1/2 cents. Old crop export sales of 565,600 MT were within trade estimates. Crude oil futures were up more than 2 dollars a barrel which added support. With a strong La Nina in effect, the cards are stacked against a miraculous recovery for wheat in states like Kansas, say Martell Crop Projections.