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05/01/11 -- Soybeans

March soybeans rose 24c to USD13.93 1/2 a bushel; March soymeal ended up USD5.20 at USD373.00; March soyoil jumped 91 points to 57.76. Beans quickly turned around from early weakness on continued uncertainty over Argentine production prospects. Meanwhile Brazil forecasts are turning dry in the southern soybean states with mid 90s F yesterday in Mato Grosso, say Martell Crop Projections. The world seems ill-placed for any serious supply problems this year. Weekly export sales estimates for tomorrow's USDA report range from 400 TMT to 1,050 MMT.


March corn was up 10 3/4 cents to USD6.19 1/4 a bushel; March corn alos closed up 10 3/4 cents at USD6.27 1/2 a bushel. Corn followed beans higher on Argentine weather woes. Irreparable damage is in fact more likely to have been done to corn than beans. Trade estimates for tomorrow's USDA weekly export sales report range from 400 to 800 thousand MT. Fertilizer producer Mosaic say that US farmers will plant 92-93 million acres of corn this spring, if so that is a massive increase on the 88.2 million acres planted in 2010.


CBOT March wheat closed up 19c at USD8.08 1/4 a bushel; KCBT March wheat rose 24c to USD8.73 1/4; MGEX March wheat was 22 3/4c higher at USD8.99. Wheat rose on spillover support from beans. Unseasonably mild temperatures will be seen through until Friday, then the coldest air of the season will move across the US Plains, say QT Weather. Next Wednesday, temperatures will be 20 degrees below normal from Montana to Nebraska, and 8 to 12 degrees below normal in Eastern Colorado and Kansas, they add. Weekly export sales out tomorrow are estimated at 200 to 500 thousand MT.