Chicago Close

22/02/11 -- Soybeans: Mar 11 Soybeans closed at USD12.98, down 70 cents; Mar 11 Soybean Meal closed at USD346.50, down USD15.50; Mar 11 Soybean Oil closed at 53.99, down 250 points. Beans closed limit down on old crop as tensions in the Middle east escalate to new highs. Crude oil was sharply high on the back of Libyan uncertainty, prompting a mass scramble for the exit door on grains.

Corn: Mar 11 Corn closed at USD6.79 3/4, down 30 cents; Dec 11 Corn closed at $5.82 1/2, down 30 cents. Corn finished limit down on both old and new crop as record fund longs stampeded out of the arena. They sold an estimated 30,000 corn contracts on the day, reducing their near record length considerably. Corn inspections for export were quite decent at 38 million bushels compared to 27.5 million last week, but that counted for nothing today.

Wheat: Mar 11 CBOT Wheat closed at USD7.62 1/4, down 60 cents; Mar 11 KCBT Wheat closed at USD8.72 3/4, down 57 cents; Mar 11 MGEX Wheat closed at USD9.06 1/4, down 49 1/4 cents. Chicago wheat was limit down just like corn and beans. The Chinese weather situation is improving with QT Weather predicting the best rain chances in the last 90 days Fri/Sat/Sun. Libya overshadowed everything today, even Egyot buying 120,000 MT of US wheat and Morocco and Iraq tendering for more themselves.