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15/12/10 -- Soybeans

Jan soybeans ended 1/2c higher at USD12.96 1/2; Jan soymeal traded up USD3.90 at USD346.10; Jan soyoil ended 89 points lower at 54.20. China was in the market today for 110,000 MT of soybeans for 2011/12 delivery. Funds were estimated to have been net buyers of 2,000 soybean contracts on the day. Weekly export sales for tomorrow are expected to be around 600-850,000 MT. The Senate passed a motion to extend tax credits for biodiesel and ethanol, but it still needs to get through the House of Representatives.


Mar 11 corn closed at USD5.84 1/4, down 3 cents; May 11 corn closed at USD5.92 1/4, down 2 3/4 cents. Estimates for tomorrow's weekly export sales report range from 600 to 1100 thousand MT. The Senate passed legislation to continue with the Bush era tax credits on biofuels, which should bolster demand for corn from the ethanol sector if it now gets passed by the House. Funds sold an estimated 5,000 contracts on the day.


Mar 11 CBOT wheat closed at USD7.64 3/4, up 1 1/2 cents; Mar 11 KCBT wheat closed at USD8.11 1/4, down 3 3/4 cents; Mar 11 MGEX wheat closed at USD8.42 3/4, down 3/4 cent. Egypt and Jordan bought US wheat today, although the former also bought French grain. Weekly export sales estimates for tomorrow range from 400 to 700 thousand MT. The Australian weather outlook is improving.