Chicago Close

11/01/11 -- Soybeans

March soybeans settled 23 1/2 cents lower at USD13.57; March soymeal fell USD7.70 to USD362.90; March soyoil declined 52 points to 56.61. Traders booked a few remaining profits ahead of tomorrow's crucial USDA reports. The market doesn't expect too many life changing figures for beans, but you never know with the USDA. Argentina weather forecasts are a bit wetter. Private exporters announced the sale of 116,000 MT of soybeans to China for 2010/11.


March corn closed unchanged at USD6.07 a bushel. May was down 1/4c at USD6.15 1/4c. Crude oil was almost USD2/barrel higher at the close, lending some support. The USDA are expected to drop US corn yields and production for 2010, combined with a decline in ending stocks for 2010/11 in tomorrow's reports. The USDA today reported sales of 125,000 MT of corn to Mexico and 116,000 MT of corn to unknown, both for 2010/11 delivery.


CBOT March wheat settled down 7 3/4 cents at USD7.59 1/2; KCBT March wheat fell 3 1/2 cents to USD8.38; MGEX March wheat closed unchanged at USD8.65 1/4. Private exporters announced the sale of 82,650 MT of HRW, 36,450 MT of HRS and 36,500 MT of soft white wheat to an unknown destinations today. Tomorrow's USDA report on wheat area could throw up anything from 39.377-43.200 million acres compared to 37.335 million a year ago, according to trade estimates.