Chicago Closing Comments

Posted by Nogger - a legend in his own mind at 23:23 | Categorized as

13/01/11 -- Soybeans

Jan 11 soybeans closed at USD14.10, up 1 cent; Nov 11 soybeans closed at USD13.12 1/2, up 4 1/2 cents; Jan 11 soybean Mmal closed at USD378.60, up USD1.20; Jan 11 soybean oil closed at 57.30, down 13 points. Beans rose to fresh contract highs early on but fell later in the day om fund selling. Weekly export sales were in line with expectations at 495,000 MT old crop and 180,000 MT for new crop. Once again China tok most of that. The Buenos Aires Grains Exchange dropped their estimate for 2011 soybean production by 2.5 MMT to 47 MMT.

Corn

Mar 11 corn closed at USD6.42 1/2, up 11 1/2 cents: Dec 11 corn closed at USD5.70 1/2, up 10 1/2 cents. The complex posted new contract highs as follow through from yesterday. Funds were estimated to have bought 15,000 to 18,000 contracts on the day. Private exporters reported the sale of 116,000 MT of corn to unknown. Weekly export sales were in line with estimates at 507,530 MT. The Buenos Aires Grain Exchange left Argy corn production unchanged at 20.35 MMT.

Wheat

Mar 11 CBOT wheat closed at USD7.83 1/2, up 13 cents; Mar 11 KCBT wheat closed at USD8.68 1/2, up 16 1/2 cents; Mar 11 MGEX wheat ended at USD8.93 3/4, up 16 1/4 cents. Chicago continues to lose ground to premium quality wheat from Kansas and Minneapolis. Weekly export sales were very poor at 175,200 MT with Egypt taking 64,300 MT. The Buenos Aires Grain Exchange upped wheat production in Argentina by 0.5 MMT to 15 MMT. Japan bought almost 120,000 MT of US wheat in its regular Thursday tender.