Chicago Close

16/11/10 -- Soybeans

Jan 11 soybeans closed at USD12.19 3/4, down 66 3/4 cents; Dec 10 soybean meal closed at USD329.80, down USD18.30; Dec 10 soybean oil closed at 49.97, down 250 points. The prospect of weaker demand from China coupled with a strong dollar tied to EU debt fears – propelled the day session into new territory as a “get me out” mentality kicked in, said Benson Quinn Commodities.


Dec 10 corn closed at USD5.26 1/2, down 29 cents; Mar 11 corn closed at USD5.40, down 29 cents. Corn futures ended a close to a limit lower move in line with a general bearish tone to all the ag markets today. Funds sold an estimated 40,000 contracts today as the market failed to attract follow through buying interest after attempting to halt the four day slide we have been in since the night session ahead of the November 9th USDA report.


CBOT Dec 10 wheat closed at USD6.26 1/4, down 46 1/2 cents; Dec 10 KCBT wheat closed at USD6.90, down 42 1/2 cents; Dec 10 MGEX wheat closed at USD7.05 1/2, down 40 1/2 cents. Wheat futures dropped to levels not seen since July on concerns over Chinese demand for commodities. Japan announced a regular tender that excludes US wheat in favour of Canadian and Australian grain.