CBOT Closing Comments

02/11/10 -- Soybeans

Nov 10 soybeans closed at USD12.23 3/4, down 1 1/2 cents; Dec 10 soybean meal closed at USD337.70, down USD0.10; Dec 10 soybean oil closed at 49.63, down 12 points. The market was seen as taking out some risk ahead of the mid term election results and Wednesday’s Fed meeting. Informa pegged US soybean production at 3.425 billion bushels with a 44.6 bpa yield, up slightly from their last estimate of 3.42 billion bushels. That is also a bit higher than the USDA's Oct estimate of 3.408 billion bushels.


Dec 10 corn closed at USD5.75 3/4, down 1 1/2 cents; Mar 11 corn closed at USD5.89 1/4, down 1 1/4 cents. Informa projected a 12.592 billion US crop with a yield of 155 bpa. That was down on a crop of 12.900 last month with yields of 158.7 bpa. It is also a tad lower than the USDA's October estimate of 12.664 billion and yields of 155.8 bpa, but broadly in line with what the market is expecting.


CBOT Dec wheat closed down 8 1/4c at USD6.94 1/4; KCBT Dec wheat fell 5 3/4c to USD7.48 1/2; MGEX Dec wheat lost 4c to USD7.62 3/4. US wheat lost out in Egypt's latest tender, with French, Australian and Argentine wheat getting the thumbs up. The USDA announced a sale of 110,000 MT of US HRW wheat to "unknown" destinations. The weak US dollar and declining crop ratings were supportive.