Chicago Close

Posted by Nogger - a legend in his own mind at 22:43 | Categorized as

21/12/10 -- Soybeans

CBOT March futures, settled up 10 1/2 cents at USD13.37 1/2; Jan soymeal traded ISD1.10 higher at USD352.60; Jan soyoil ended 58c points higher at 55.56. Oil World say that a range of 43-48 MMT for Argentine soybean production may be more accurate than the current USDA estimate of 52 MMT. Argentine workers at crushing plants near Rosario are reported to have have gone on strike. Brazilian weather has been generally favourable for crop development.

Corn

Mar 11 corn closed at USD6.02 1/4, up 2 3/4 cents; May 11 corn closed at USD6.10 1/4, up 3 1/4 cents. Funds were reported to have bought somewhere in excess of 2,000 to 3,000 contracts today. Argentina remains too dry, with a potential negative impact on corn output there. China only sold 190,000 MT of the 1.8 MMT reserve corn offered at today's auction.

Wheat

Mar 11 CBOT wheat closed at USD7.65, down 4 1/2 cents; Mar 11 KCBT wheat closed at USD8.26 1/2, up 1/2 cent; Mar 11 MGEX wheat closed at USD8.57 3/4, down 1 3/4 cents. The Australian wheat crop still has huge question marks over it regarding quality. Japan bought 65,000 MT of Australian wheat today. Dryness in the US Plains is still a concern.