Chicago Close

Posted by Nogger - a legend in his own mind at 22:45 | Categorized as

13/12/10 -- Soybeans

Jan soybeans ended 29 1/2c higher at USD13.02 1/2 a bushel; Jan soymeal rose USD5.20 to USD342.80; Jan soyoil climbed 129 points to 55.45. A weak dollar and firmer crude oil helped matters today, as too did a Chinese weekend decision not to raise interest rates. Ongoing dryness in Argentina was also supportive, although northern areas got some better than forecast rains over the weekend. It's still too dry however in the south and the east.

Corn

Dec 10 corn closed up 15c at USD5.75 1/4; Mar 11 corn closed 14 1/4c higher at USD5.788 1/2. This was corn's highest close in just over a month with funds estimated to have bought around 8,000 to 9,000 contacts on the day. Exactly why is hard to explain with little fresh news to go on. Eastern Argentina remains too dry as corn enters the sensitive pollination stage. Export inspections at just over 32.0 million bushels were also considered supportive.

Wheat

CBOT March wheat rose 4 3/4 cents to USD7.80 1/4 per bushel; KCBT March wheat closed up 3 1/4 cents at USD8.35 1/4; MGEX March wheat ended up 1 1/2 cents to USD8.71. Funds were estimated to have been net buyers of a modest 1,000 to 1,500 contracts in Chicago. A "big freeze" in the upper US is seen disrupting grain movements from the interior to the Gulf. In addition shipping on the Columbia-Snake River System, a major gateway to the Pacific, is seen being majorly disrupted until the spring due to pressing lock repairs.