CBOT Close

Posted by Nogger - a legend in his own mind at 22:55 | Categorized as

01/12/10 -- Soybeans

Jan 11 soybeans closed at USD12.83, up 40 cents; Dec 10 soybean meal closed at USD346.60, up USD8.00; Dec 10 soybean oil closed at 52.25, up 160 points. Helping today's rally was the drop in the dollar and stronger crude oil. Chinese PMI data shows that its economy is still accelerating, supporting ideas that demand for commodities will continue. Trade estimates for tomorrow’s weekly report range from 1 to 1.2 MMT.

Corn

Dec 10 corn closed at USD5.51 3/4, up 21 3/4 cents; Mar 11 corn closed at USD5.66 1/4, up 22 1/4 cents. A new month and new money seems to have got the entire grain complex off to a flying start. Outside macro markets also provided some support today. Crude oil closed more than USD2.50/barrel higher. Estimates for tomorrows weekly export sales report range from 650,000 to 850,000 MT.

Wheat

Dec 10 CBOT wheat closed at USD6.97 1/2, up 47 1/4 cents; Dec 10 KCBT wheat closed at USD7.80 3/4, up 50 3/4 cents; Dec 10 MGEX wheat closed at USD7.84 1/4, up 44 1/4 cents. Production concerns remain for US, Australia, Argentina and Russia. Meanwhile Egypt bought 220,000 MT of all US wheat in today's tender. Estimates for tomorrows weekly export sales report range form 550,000 to 650,000 MT.