CBOT Closing Comments

Posted by Nogger - a legend in his own mind at 09:01 | Categorized as

10/11/10 -- Soybeans

Nov 10 soybeans closed at USD13.09 1/2, down 9 3/4 cents; Dec 10 soybean meal closed at USD355.40, down USD6.90; Dec 10 soybean oil closed at 53.95, up 55. It was a day of profit-taking in beans with the dollar higher and China announcing further tightening on bank lending to curb inflation. Even so the USDA confirmed 110,000 MT of soybeans and 30,000 MT of soyoil sold to China. Weakness in corn and wheat also spilled over into beans.

Corn

Dec 10 corn closed at USD5.66 3/4, down 9 1/2 cents; Mar 11 corn closed at USD5.81, down 9 1/4 cents. Pressure was on prices after the market hit new annual highs following the USDA's latest monthly supply demand report on Tuesday. Ideas are that current prices are rationing demand even though South Korea bought 158,000 MT of corn for March/April delivery. Friday's export sales report may confirm whether this is true or not.

Wheat

Dec 10 CBOT Wheat closed at USD7.10, down 11 3/4 cents; Dec 10 KCBT wheat closed at USD7.72 3/4, down 14 1/4 cents; Dec 10 MGEX wheat closed at USD7.82, down 13 1/2 cents. Egypt purchased 235,000 MT of French, US and Australian wheat for January shipment, with the US portion of that 115,000 MT. Dryness worries on the Plains should be alleviated by rain with amounts up to 3 inches in Kansas over the next few days. Outside markets were mostly negative as too was a firmer dollar.