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05/04/11 -- Soybeans: May 11 soybeans closed at USD13.73 1/4, 10 3/4c lower; May soymeal settled USD3.40 lower at USD353.60; May soyoil ended 3 points lower at 58.85. Chinese demand is still seen stitching away from US origin beans. Talk persists that they are cancelling or postponing shipments, Thursday's export sales report may shed further light on this. Despite popular reports that rain is inhibiting harvest progress, Celeres estimate that the soybean harvest in Brazil is 67% complete,up from 56% the last week and the 59% five-year average. Informa Economics upped their Brazilian production forecast to 71.5 MMT today. Corn: May corn rose 6 1/2 cents to USD7.66 3/4 after reaching a record intraday high of USD7.70 3/4. Corn may have closed even higher if it wasn't for China raising interest rates by a quarter percent for the fourth time in the past five months. The USDA reported the sale of 101,600 MT of corn to "unknown". The trade is now expecting the USDA to further tighten old crop ending stocks when it comes out with it's latest S&D reports on Friday. US planting conditions in the Midwest are less than ideal, meaning that much of this season's crop may go into the ground late although it won't be lacking in moisture.
Wheat: CBOT May wheat fell 3 3/4c to USD7.86 1/4;, KCBT May wheat rose 2c to USD9.50; MGEX May wheat climbed 3/4c to USD9.62 1/4. There wasn't a lot of fresh news about for wheat once again. The problems with winter HRW crops are well-documented, as too are potential planting delays for spring wheat. Last night's winter wheat crop conditions report from the USDA was predictably abysmal at 13% very poor, 19% poor, 31% fair, 30% good and 7% excellent. Informa estimate that 19% of the current winter wheat crop won't make it through to harvest.
