CBOT Close

Posted by Nogger - a legend in his own mind at 23:11 | Categorized as

23/11/10 -- Soybeans

Jan 11 soybeans closed at USD12.39, up 17 1/2 cents; Dec 10 soybean meal closed at USD340.70, up USD7.10; Dec 10 soybean oil closed at 49.22, up 4 points. Brazil is around three quarters planted on soybeans, in Argentina it's about a third done. The latter remains too dry, with the prospect of reduced output projections from there on the cards before too long. Trade estimates for tomorrow’s Census Crush report average 158.6 million bushels. Korean tensions strengthened the dollar, otherwise beans might have closed firmer.

Corn

Dec 10 corn closed at USD5.28 1/2, up 13 1/4 cents; Mar 11 corn closed at USD5.43, up 13 3/4 cents. China sold 23% of the 1.5 MMT of corn it had up for auction today, according to official sources. They have reputedly sold off more than 40 MMT in the past twelve months at auctions of this type. With a long weekend looming (it is Thanksgiving on Thursday and a shortened trading session on Friday) this was a pretty strong close. There could be more capital inflows next week.

Wheat

Dec 10 CBOT wheat closed at USD6.42, down 3 1/2 cents; Dec 10 KCBT wheat ended at USD7.11 1/2, down 1 cent; Dec 10 MGEX wheat closed at USD7.29, down 1 cent. US wheat crop conditions improved only marginally last night, and are amongst the worst in recent seasons. US wheat remains the most competitive in the world, and Russian export prospects look set to stay subdued for another twelve months or more yet.