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Posted by Nogger - a legend in his own mind at 10:32 | Categorized as

04/02/11 -- Soybeans

Mar 11 soybeans closed at USD14.33 1/2, down 2 cents; Nov 11 Soybeans closed at USD13.69, up 3 1/2 cents; Mar 11 soybean meal closed at USD383.20, down USD3.20; Mar 11 soybean oil closed at 58.98, up 20 points. A modest pre-weekend sell off maybe best describes today's action, even so Mar beans still closed the week 35 3/4c higher. Strong demand from China looks set to underpin the market for some time yet, despite South American production estimates trending a little bit higher.

Corn

Mar 11 corn closed at USD6.78 1/2, up 16 cents; Dec 11 corn closed at USD6.01 3/4, up 13 1/4 cents. march corn was 34 1/2 cents higher on the week. Most of the action today came late in the session. The US Grains Council says that China will import large volumes of corn this year. The USDA reported two cargoes of corn sold split delivery between China and Japan for both old and new crop. Ideas that the tension in Egypt is easing also helped corn today - they are a large buyer of US corn as well as US wheat.

Wheat

Mar 11 CBOT wheat closed at USD8.53 3/4, down 5 1/4 cents; Mar 11 KCBT wheat closed at USD9.42 3/4, down 6 1/4 cents; Mar 11 MGEX wheat closed at USD9.88 1/2, down 10 cents. Mar CBOT wheat was 28 cents higher on the week, with Mar Kansas up 30 3/4 cents and Mar MGEX up 27 cents. Traders booked profits ahead of the weekend, wondering what the situation in Egypt might be come Monday. They are back in the market today tendering for "normal" quantities, a cargo each of soft white and soft red winter wheat.