Chicago Close

20/01/11 -- Soybeans

Mar 11 soybeans closed at USD14.14 1/4, up 2 3/4 cents; Nov 11 soybeans closed at USD13.41 3/4, up 5 3/4 cents; Mar 11 soybean meal closed at USD385.30, up USD2.00; Mar 11 soybean oil closed at 57.26, down 43 points. China agreed to buy 3 MMT of US soybeans today. What does that mean? Nothing much really. Estimates for tomorrows weekly export sales report range from 400 to 750 thousand MT.


Mar 11 corn closed at USD6.54, up 12 3/4 cents; Dec 11 corn closed at USD5.76, up 7 3/4 cents. Estimates for tomorrow's USDA export sales report are between 500 and 900 thousand MT. Rumours yesterday that China had bought 500,000 MT of Australian feed wheat instead of US corn may have been exaggerated, only 150,000 MT of business was confirmed today.


Mar 11 CBOT wheat closed at USD8.03 1/2, up 6 1/4 cents; Mar 11 KCBT wheat closed at USD8.86 1/4, up 8 3/4 cents; Mar 11 MGEX wheat closed at USD9.20, up 8 3/4 cents. Estimates range from 200 to 950 thousand MT for tomorrow's export sales report. US hard red winter wheat is expecting little if any rain/snow over the next week, with variable temperatures but no severe cold, say Martell Crop Projections