CBOT Close - Tuesday

Posted by Nogger - a legend in his own mind at 08:30 | Categorized as

30/11/10 -- Soybeans

Jan 11 soybeans closed at USD12.43, up 8 cents; Dec 10 soybean meal closed at USD338.60, up USD2.30; Dec 10 soybean oil closed at 50.65, up 78 points. Weather concerns about the South American crop continue with dryness in large parts of Argentina and Brazil. The USDA reported the sale of 165,000 MT of soybeans to unknown destinations. China is seen importing a record 55-57 MMT of soybeans in 2011, according to COFCO. Support also came from Malaysian palm oil futures rallying to 28-month highs.

Corn

Dec 10 corn closed at USD5.30, down 8 1/4 cents; Mar 11 corn closed at USD5.44, down 9 1/4 cents. Sharply lower crude oil prices were bearish for corn, as too was a Chinese statement dismissing ideas of significant corn imports in 2011. China also announced that it is re-exporting the 54,000 of US corn impounded for containing non-authorised GM strains back in September. That seems to be a signal that they aren't as desperate for any corn they can get as the market has been thinking.

Wheat

Dec 10 CBOT wheat closed at USD6.50 1/4, unchanged; Dec 10 KCBT wheat closed at USD7.30, up 3 1/2 cents; Dec 10 MGEX wheat closed at USD7.40, up 3 1/2 cents. The world is shaping up for a shortage of quality wheat in 2011. Wet weather continues to hamper harvesting in eastern Australia. Canada's well publicised flooding problems earlier in the year also mean that a much higher percentage than normal of it's crop is feed wheat - the highest since 2004 in fact. Egypt's wheat tender results will be closely watched. Japan are also tendering for 209,000 MT of US wheat.