CBOT Close

Corn: May 11 corn closed at USD6.83 1/2, up 37 cents; Dec 11 corn closed at USD5.98 1/2, up 19 1/4 cents. Corn was around 19 cents higher on the week, with old crop gaining heavily on new crop today as strong US export sales keep 2010/11 ending stocks tight. The CFTC report shows an overall Index Fund and Managed Money decrease of around 81,000 corn contracts. They were alleged to have bought up to 30,000 of those contracts back today on rumours of Chinese buying of US corn. Informa released their 2011 corn planting estimate coming up with an acreage figure of 91.758 million, slightly lower than the USDA's Feb Outlook Forum guesstimate of 92 million.
Wheat: May 11 CBOT wheat closed at USD7.23, up 12 3/4 cents; May 11 KCBT wheat closed at USD8.45, up 14 cents; May 11 MGEX wheat closed at USD8.67 1/2, up 12 3/4 cents. Chicago wheat posted gains of around 4 cents on the week, with Kansas up 20 cents or so and MGEX around 9-10 cents higher. Index Funds and Managed Money decreased their CBOT length by around 11,400 contracts as of Tuesday. Informa reduced their harvested acreage by more than half a million acres and cut yields by 1.3 bu/acre. "Growing conditions are very dry on the High Plains suggesting a sharp loss of production for the 2011 harvest," say Martell crop Projections.