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31/01/11 -- Soybeans

March soybeans settled 15 cents higher at USD14.13 a bushel; March soymeal traded USD3.30 higher at USD380.30; soyoil was up 61 points at 57.88. The ongoing dock workers strike in Argentina was supportive, so too was sharply higher crude oil on the back of Egyptian uncertainties. Disappointing weekly export inspections (29.69 million bushels versus 43.1 million last week) capped gains. China being on holiday may have something to do with that.


March corn finished up 15 1/2c at USD6.59 1/2 a bushel. May corn closed up 15 1/2c at USD6.70 a bushel. A lower US dollar and firmer crude oil helped corn today. The USDA export inspections report came in at only 18.69 million bushels, 7.18 million bushels lower than last week. That was well below trade estimates for inspections of 25-30 million. Yet again the market seems to be ignoring bearish factors and concentrating only on bullish news.


CBOT March wheat rose 15c to USD8.40 3/4 a bushel; KCBT March jumped 12 3/4c to USD9.24 3/4; MGEX March gained 18 1/4c to USD9.79 3/4. Bullish factors were Egypt, rising crude oil, a falling dollar and an impending severe winter storm in the US. The USDA export inspections report this morning came in at 21.3 million bushels, a little bit less than last week. The top man at the Egyptian International Freight Forwarding Association said that operations at the world's largest wheat buyers' ports had been suspended.