CBOT Close

30/12/10 -- Soybeans

Jan 11 soybeans closed unchanged at USD13.66; Jan 11 soybean meal closed at USD365.40, down USD0.30; Jan 11 soybean oil closed at 56.61, up 23 points. The market was balanced by strong demand, and a higher outlook for 2011 against the desire to book profits ahead of year end. Weekly export sales were good at 948,200 MT, against expectations of 900 TMT -1.3 MMT. Respected South American analyst Michael Cordonnier is said to have cut his forecast for Argy soybean production by 1 MMT to 48 MMT today.


Mar 11 corn closed at USD6.16, down 8 cents; May 11 corn closed at USD6.24, down 8 cents; Jul 11 corn closed at USD6.28, down 7 3/4 cents. Profit taking was understandable following a nine day rise in values. Year-end profit-taking and pressure from wheat also led corn lower. Weekly export sales were OK at 756,600 MT. The market closes at noon tomorrow and volume is expected to be light. Argentine drought remains a concern.


Mar 11 CBOT wheat closed at USD7.84 3/4, down 14 1/2 cents; Mar 11 KCBT wheat closed at USD8.43 1/2, down 14 1/4 cents; Mar 11 MGEX wheat closed at USD8.72, down 11 1/4 cents. Wheat managed to finish well off earlier session lows although profit-taking apparently caused most of today's declines. Export sales fell below the low end of trade estimates at 438,500 MT. Bangladesh is in the market for 50,000 MT of wheat, and Iraq for 100,000 MT & Turkey for 300,000 MT.