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Posted by Nogger - a legend in his own mind at 23:06 | Categorized as

12/11/10 -- Soybeans

Nov 10 soybeans closed at USD12.63, down 67 1/4 cents; Dec 10 soybean meal closed at USD339.70, down USD18.40; Dec 10 soybean oil closed at 52.53, down 250 poimts. Weekly export sales were on the low end of trade estimates with sales for 2010/11 delivery at 809,821 MT and sales for 2011/12 delivery at 120,000 MT. Talk of a Chinese interest rate rise as early as over the weekend dragged all commodities lower on the day.

Corn

Dec 10 corn closed at USD5.34, down the daily 30 cent limit; Mar 11 corn closed at USD5.48, down 30 cents. Corn was down 54 cents for the week. Estimates put fund selling in the corn market at 30,000 contracts today. Weekly corn export sales of 573,600 MT were in line with expectations. Corn exports remain well off the pace required to reach the USDA’s export estimates.

Wheat

Dec 10 CBOT wheat closed at USD6.69 1/4, down 34 3/4 cents; Dec 10 KCBT wheat closed at USD7.30, down 38 cent: Dec 10 MGEX Wheat closed at USD7.44 3/4, down 32 cents. Weekly export sales were above trade estimates at 831,989 MT. This was higher than the expected range of 300,000 to 600,000 MT. In other export news it was reported that Iraq had purchased 250,000 MT of wheat of which 100,000 MT each was US and Australian origin and 50,000 MT Ukrainian.