Chicago Close

19/01/11 -- Soybeans

CBOT March soybeans fell 1 3/4c at USD14.11 1/2; March soymeal closed down 10 cents at USD383.30; March soyoil ended up 14 points at 57.69. Beans were modestly lower for the second day in a row, with funds estimated to be net sellers of 2,000 soybean contracts on the day. Soybeans had been sharply higher overnight on spillover support from wheat and news that Oil World had dropped their Argy soybean forecast to 46 MMT, 16% down on last season.


March corn fell 18 1/4c to USD6.41 1/4 a bushel. May corn fell 18c to USD6.51 1/4 a bushel. Talk that China will not be in the market any time soon for US corn, and indeed mat have bought significant volumes of Australian feed wheat instead, weighed on corn. Funds were reported to have sold somewhere in the neighbourhood of 20,000 contracts on the day, a significant volume. Argentina seems to be trending wetter.


CBOT March wheat rose 4c to USD7.97 1/4 a bushel; KCBT March wheat gained 1c to USD8.77 1/2; and MGEX March wheat rose 5 1/4c to USD9.11 1/4. The market gave up most of its early gains following corn and soybean futures lower. Iraq joined the North Africa/Middle East throng clamouring for wheat today by tendering for "at least" 100,000 MT - they frequently buy more than they tender for.