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16/12/10 -- Soybeans

Jan soybeans ended 7 1/2c lower at USD12.89; Jan soymeal fell USD2.30 to USD343.80; Jan soyoil ended 13 points lower at 54.07. USDA weekly export sales for the period Dec 3rd-9th 2010 were very poor for soybeans at a combined 173,600 MT split 84,600 MT old crop and 89,000 MT new crop. Cancellations, made this the worst sales in 6 1/2 months. Forecasts for Argentina have improved slightly for the weekend, although in Brazil Mato Grosso is suddenly turning dry.


Mar 11 corn closed at USD5.87 1/2, up 3 1/4 cents; May 11 sorn closed at USD5.95 1/2, up 3 1/4 cents. Weekly corn export sales were in line with expectations at a combined 880,100 MT. CNGOIC raised their estimate for 2010 Chinese corn production to 172,5 MMT, which would be a record. The trade is winding down into holiday mode. China may import five times as much corn in 2011 as it did in 2010, according to an article on Bloomberg.


Mar 11 CBOT wheat closed at USD7.49 3/4, down 15 cents; Mar 11 KCBT wheat closed at $8.03 1/4, down 8 cents; Mar 11 MGEX wheat closed at USD8.35 1/4, down 7 1/2 cents. Weekly export sales were strong at 973,344 MT. Algeria bought 350,000 MT of South American and European origin wheat for shipment in February. US wheat features in sales to Jordana dn Egypt yesterday.