Chicago Close

03/03/11 -- Soybeans: Mar 11 soybeans closed at USD14.05 1/2, up 18 1/4 cents; Mar 11 soybean Meal closed at USD366.80, up USD7.80; Mar 11 soybean oil closed at 58.26, down 1 point. There was little in the way of fresh news. The Brazilian harvest is late and there are port strikes in Argentina. Weekly export sales of 645,300 MT were better than expected. China may be considering lowering import duties on grains it would seem.

Corn: CBOT Mar corn rose 15 3/4c to USD7.29 3/4 a bushel, CBOT May corn was up 15 1/4c to USD7.36 3/4 a bushel. Export sales were above 1 MMT for the fifth week in a row. All the newswires are full of upside potential. The market appears to have very little perception of any downside risk at all, which is always a dangerous sign in my opinion.

Wheat: CBOT May wheat ended up 12 1/4c at USD8.23 1/2 a bushel; KCBT May rose 8 1/4c to USD9.18 1/4 and MGEX May gained 15c to USD9.46 1/2. Export sales were a bit flat at 650,900 MT, compared to expectations of 900 TMT to 1.2 MMT. Old crop sales were down actually 44% from the previous week.