Chicago Close

02/12/10 -- Soybeans

Jan 11 soybeans closed at USD12.79 3/4, down 3 1/4 cents; Dec 10 soybean meal closed at USD344.10, down USD2.50; Dec 10 soybean oil closed at 52.47, up 22 points. Today's weekly export sales came in at 1.4 MMT, above trade expectations for sales of 1-1.3 MMT, and the highest in a month. China booked it's biggest total in four months. US sales currently stand at more than three quarters of the USDA's projected total for the entire marketing year, normally that total is on 55%.


Dec 10 corn closed at USD5.40 3/4, down 11 cents; Mar 11 corn closed at USD5.55 1/2, down 10 3/4 cents. Export sales were in line with trade expectations at 758,050 MT. In addition to those sales the USDA today announced 135,000 MT of corn sold to Japan and 238,000 MT to "unknown". Trade talk for corn is starting to focus on the likelihood, or otherwise, of the existing tax break on corn ethanol being extended when it expires at the end of the year.


Dec 10 CBOT wheat closed at USD7.06 1/2, up 9 cents; Dec 10 KCBT wheat closed at USD7.87 1/4, up 6 1/2 cents; Dec 10 MGEX wheat closed at USD7.93 1/4, up 9 cents. Wheat futures closed up but well off session highs. The USDA today reported wheat export sales of 663,300 MT for the 2010/11 marketing year, plus 40,900 MT for delivery in 2011/12. That is in line with expectations for sales of 500-700,000 MT. Australian problems are adding to ideas that quality wheat will be in short supply come the spring.