Chicago Close

30/03/11 -- Soybeans: May 11 soybeans closed at USD13.72, up 10 1/2 cents; May 11 soybean meal closed at USD360.50, up USD1.90; May 11 soybean oil closed at 57.32, up 30 points. Beans closed higher ahead of tomorrow's USDA reports in anticipations of a lower spring acreage number than last year. Funds were net buyers of an estimated 4,000 contracts of beans today. Volume was relatively light. In addition to planting intentions and quarterly stocks, we also have weekly export sales out tomorrow, estimates for that range from 600 to 800 thousand MT.

Corn: May 11 corn closed at USD6.63 1/4, down 8 1/2 cents; Dec 11 corn closed at USD5.95 1/4, down 5 cents. Funds sold an estimated 6,000 contracts ahead of tomorrow's USDA reports. There seems to be a widespread belief that corn stocks may come in higher than trade estimates of 6.688 billion bushels as of March 1st. Acreage is thought to be just under 92 million - the second largest since WW2. Weekly export sales estimates are high as they will include the 1.5 MMT sold to "unknown" reported last Friday.

Wheat: May 11 CBOT wheat closed at USD7.27 1/4, down 10 cents; May 11 KCBT wheat closed at USD8.62, down 5 cents; May 11 MGEX wheat closed at USD8.86, down 2 1/4 cents. Tomorrow's reports are less likely to contain a wheat surprise than they are for corn or soybeans. March 1st stocks are thought to be around a more than ample 1.4 billion bushels. Weekly export sales are forecast around 500 to 700 thousand MT. The USDA announced the sale of 150,000 MT of HRW wheat to "unknown" today.