Chicago Close

03/01/11 -- Soybeans

March soybeans ended down 24c at USD13.79 a bushel; March soymeal was down USD4.90 to USD369.00; March soyoil fell 67 points to 57.70. Chances of rain in Argentina later in the week got beans off to a negative start for 2011. In overnight trade March beans set a new contract high of USD14.09 a bushel, but couldn't hold onto those gains. Weekly export inspections of 20.151 million bushels were disappointing, although spillover strength from wheat lent some support.


March corn ended down 8 1/2 cents at USD6.20 1/2 a bushel; May corn ended down 8 cents at USD6.28 1/2 a bushel. Weekly export inspections of only 15.616 million bushels were half of what was expected. Funds were estimated to have sold between 7,000 and 8,000 contracts on the day. Chances of rain in Argentina later in the week also added some pressure to corn, although firmer wheat was supportive.


CBOT March wheat ended up 11 1/4c to USD8.05 1/2 a bushel; KCBT March wheat closed up 12c at USD8.63; MGEX March wheat was 7 1/2c higher to USD8.89. Wheat fell somewhat from highs set earlier in the session as corn and soybeans declined. Flooding in Australia and EU wheat setting lifetime contract highs created a positive tone from the outset. Cold and dry conditions in the US also added support. Export inspections weren't great at 10.305 million bushels.