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Posted by Nogger - a legend in his own mind at 22:40 | Categorized as

23/12/10 -- Soybeans

Jan soybeans set a new 27-month high, up 20 3/4 cents at USD13.49 1/2; Jan soymeal was up USD7.30 to USD360.00; Jan soyoil closed up 62 point to 56.59. Export sales were much better than last week at 827,810 MT. The primary destination was China (637,300 MT). Argentina looks set for another difficult couple of weeks as temperatures sizzle at 98-105 degrees for thirteen of the next sixteen days, according to QT Weather.

Corn

March corn closed up 5 cents to USD6.14; May corn closed up 5 cents ar USD6.22. Corn was up for the seventh session in a row. Export sales were robust at 906,077 MT. Argentina corn yield potential is being limited by dry field conditions, deep-layer drought reflects a very dry spring. November was particularly dry in the Argentina grain belt with less than 20% of normal monthly rainfall, says Martell Crop Projections.

Wheat

March CBOT wheat was down 1/2 cent to USD7.83; March MGEX wheat was down 1 1/2 cents to USD8.68; March KCBT wheat was up 1/2 cent to USD8.45. The USDA confirmed that private US exporters sold 100,000 MT of wheat to Iraq. Algeria also purchased 200,000 MT of optional origin durum wheat. The USDA also reported weekly export sales of 590,500 MT of old crop wheat plus a further 6,500 MT for delivery in 2011/12.