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15/11/10 -- Soybeans

Jan beans rose 17 1/2c to USD12.86 1/2 a bushel; Dec soymeal traded USD8.40 higher to USD348.10; Dec soyoil ended 6 points lower at 52.47. Beans regained back a good bit of the lost ground from Friday on the absence of any rate hike by China over the weekend. The October NOPA crush was 151.864 million bushels, well above average estimates of 147.2. Despite the larger crush, soyoil stocks were below trade estimate of 2.907 billion pounds at 2.821 billion, which weighed on oil. The USDA export inspections report was a better than expected 55.532 million bushels.


Dec corn ended up 21 1/2 cents at USD5.55 1/2; March corn ended up 21 cents at USD5.69. Argentina have said that they are working on a "sanitary protocol" with China to pave the way for exports of 5 MMT of corn to the China in 2011. The Chinese have also announced today that they are to limit the volume of corn that feed mills can buy at their weekly government auctions. The USDA export inspections report showed a disappointing 25.904 million bushels inspected for export for the week ending 11/11. Funds were estimated to have been buyers of just short of 20,000 contracts on the day.


CBOT March wheat ended 3c higher at USD7.12 1/2 a bushel; Dec 10 KCBT wheat closed at USD7.32 1/2, up 2 cents 1/2: Dec 10 MGEX Wheat closed at USD7.46, 1 1/4 cents higher. The Plains received excellent moisture over the weekend which will assist in crop development. The USDA export inspections report showed a poor 15.320 million bushels inspected for export for the week ending 11/11, well below the 25.7 million bushel average needed each week to reach the USDA’s current export projections. Winter wheat crop conditions improved just 1% in the G/E category.