CBOT Close

15/03/11 -- Soybeans: May 11 soybeans closed at USD12.70, down 70 cents; May 11 soybean meal closed at USD340.80, down USD14.70; May 11 soybean oil closed at 52.88, down 250 points. Soybean futures closed limit down for all old crop contracts. That means that tomorrow's limits are now 105 cents. Fund long liquidation is the name of the game.

Corn: May 11 corn closed at USD6.36, down 30 cents; Dec 11 corn closed at USD5.48, down 30 cents. Crude oil ended down the best part of USD4.00/barrel. Japan, the number one US corn buyer, remains in turmoil. New limits for corn tomorrow will be 45c. Commodity funds sold an estimated 22,000 lots on the day.

Wheat: May 11 CBOT wheat closed at USD6.67 3/4, down 53 cents; May 11 KCBT wheat closed at USD7.77, down 48 1/2 cents; May 11 MGEX wheat closed at USD8.07 1/2, down 51 3/4 cents. As with other markets the fundamentals have gone out of the window, we are now trading on fear. Kansas wheat rated good/excellent only improved by one point last night.