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04/01/11 -- Soybeans

Jan 11 soybeans closed at USD13.61, down 9 1/4 cents; Jan 11 soybean meal closed at USD364.70, down USD1.00; Jan 11 soybean oil closed at 56.33, down 76 points. A survey by Farm Futures Magazine pegs the final 2010 US soybean crop at 3.392 billion bu on a 44.6 bpa yield. That's higher than the December USDA said estimates of 3.375 billion bu on a 44.0 bpa yield. The stronger US dollar contributed to long funds selling an estimated 6,000 bean contracts on the day.


Mar 11 corn closed at USD6.08 1/2, down 12 cents; May 11 corn closed at USD6.16 3/4, down 11 3/4 cents. Crude oil fell the best part of USD2.50/barrel, slipping back below USD90/barrel and the dollar was firmer, adding negative sentiment. Profit-taking from recent 29-month highs was probably also a feature as funds were said to have sold in excess of 10,000 contracts today. An improved rain outlook for SW Argentina also helped encourage long liquidation.


Mar 11 CBOT wheat closed at USD7.89 1/4, down 16 1/4 cents; Mar 11 KCBT wheat closed at USD8.49 1/4, down 13 3/4 cents; Mar 11 MGEX Wheat closed at USD8.76 1/4, down 12 3/4 cents. The strong dollar and weaker outside markets encourage profit-taking from recent 28-month highs. Premium quality wheats on MGEX and KCBT fell less than their CBOT cousin on reports that maybe half of Australia's wheat crop might not cut the mustard as milling wheat.