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Posted by Nogger - a legend in his own mind at 22:51 | Categorized as

07/01/11 -- Soybeans

Jan 11 soybeans closed at USD13.57 3/4, down 11 3/4 cents; Jan 11 soybean meal closed at USD359.10, down USD6.10; Jan 11 soybean oil closed at 56.35, down 55 points. Fund rebalancing was the name of the game today, whether they will be back in the market next week to redress some of that and attempt to make another fast buck out of agri-commodities remains to be seen. Argentine weather improvements and nervousness ahead of Wednesday's USDA report may be sufficient to get some more spec money off the table.

Corn

Mar 11 corn closed at USD5.95, down 7 cents; May 11 corn closed at USD6.03 3/4, down 7 cents. Corn was down for the 4th session in five this week. Fund rebalancing is expected to be a major factor, with them supposed to have sold an estimated 10,000 contracts today. Dollar strength and nervousness ahead of next week's USDA reports kept the market on the defensive.

Wheat

Mar 11 CBOT wheat closed at USD7.74, down 15 cents; Mar 11 KCBT wheat closed at USD8.46 1/4, down 12 1/4 cents; Mar 11 MGEX wheat closed at USD8.70 3/4, down 13 cents. In China Henan province has apparently suffered the lowest amount of rainfall for the last quarter or any year since 1961. Productive precipitation is predicted in US hard red winter wheat areas this weekend, say Martell Crop Projections.