Chicago Close

29/03/11 -- Soybeans: May 11 soybeans closed at USD13.61 1/2, up 13 cents; May 11 soybean meal closed at USD358.60, up USD5.00; May 11 soybean oil closed at 57.02, up 49 points. The market cannot currently see beyond Thursday's planting intentions and quarterly stocks reports from the USDA. Maybe we have become so used to getting thrown a curved ball from them that there is no use trying to plan beyond that.

Corn: May 11 corn closed at USD6.71 3/4, up 3/4 cent; Dec 11 Corn closed at USD6.00 1/4, up 3 1/4 cents. As with soybeans traders are largely sitting on their hands ahead of Thursday's USDA numbers, meaning that tomorrow is likely to be as unexciting as today. There seems to be a concern that old crop stocks will be higher than the current trade estimate of 6.7 billion bushels. Plantings are expected to be the second largest since WW2.

Wheat: May 11 CBOT wheat closed at USD7.37 1/4, up 12 cents; May 11 KCBT wheat closed at USD8.67, up 18 1/2 cents; May 11 MGEX wheat closed at USD8.88 1/4, up 13 1/4 cents. Poor crop conditions for US winter wheat are a major concern, with high levels of abandonment on the cards. "Topsoil moisture is 88-91% short or very short in Western Kansas and 38% statewide. Wheat jointing increased to 13% in Kansas, a key period of development demanding heavy rain," said Martell Crop Projections.