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Posted by Nogger - a legend in his own mind at 22:42 | Categorized as

17/11/10 -- Soybeans

Jan soybeans fell 14 3/4c to USD12.05 a bushel; Dec soymeal closed USD1.80 lower at USD$328; Dec soyoil ended 103 points lower at 48.94. It was another very volatile day. Fears of Chinese intervention in the markets is keeping traders wary. "When necessary, temporary intervention measures will be implemented on prices of some important daily necessities and production materials," says a statement from the Chinese State Council today. Estimates for tomorrow’s weekly export sales report range from 800,000 to 1,100,000 MT.

Corn

Dec corn ended down 3/4 cent to USD5.25 3/4; Mar corn ended down 3/4 cent to USD5.39 1/4. Funds were given credit for selling one to three thousand contracts with most of it coming in the overnight session. Estimates for tomorrow’s weekly export sales report range from 500,000 to 700,000 MT. That may provide more evidence as to whether current prices are rationing demand.

Wheat

CBOT March wheat ended 6 3/4c higher at USD; KCBT March wheat ended 5c higher at USD7.10 3/4c a bushel; MGEX March wheat ended up 4 1/4c at USD7.25 3/4. Estimates for tomorrows weekly export sales report range from 400,000 to 600,000 MT. Estimates put fund buying at 6,000 contracts in Chicago on the day. Egypt are back in the market tomorrow for various origin wheat, including US.