CBOT Grains Climb - Led By Corn
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Soybeans: Although the USDA report was neutral for beans, they followed corn higher to close the session around 17-19c firmer. South American production was left unchanged by virtue of an increase in output of 1 MMT from Brazil being matched by a reduction of 1 MMT for Argentina. US 2010/11 ending stocks were also seen unchanged, a tad better than the 5 million bushel reduction that the trade had expected. World ending stocks were lowered slightly from 58.28 MMT to 58.21 MMT. Assorted private estimates peg Brazilian soybean production 1-2 MMT higher than the USDA's 68.5 MMT figure today, local firm Agroconsult report some "unbelievable" yields in early harvested beans in Mato Grosso.
Wheat: Wheat was also a follower like beans, with CBOT rising around 12-14c on the day, KCBT was up around 15-16c and MGEX around 16-18c higher. As with soybeans the wheat numbers were largely neutral. US ending stocks were left unchanged, contrary to expectations for a small reduction, and world wheat stocks fell only marginally. Talk of potential damage to Chinese winter wheat added underlying support, so too did ideas that US wheat is now starting to pick up some victories amongst the many international tenders kicking around at the moment. US wheat got some snow cover this week, but more is needed to make up for winter moisture deficits.