CBOT Close

07/04/11 -- Soybeans: May 11 soybeans closed at USD13.63 1/2, down 13 cents; Nov 11 soybeans closed at USD13.65 1/2, down 10 3/4 cents; May 11 soybean meal closed at USD350.90, down USD4.70; May 11 soybean oil closed at 58.32, down 46 points. Weekly export sales were lower than anticipated at 190,300 MT compared to pre-report estimates of 300,000 to 450,000 MT, that's three of the past four weeks where sales have been below expectations. News of another major earthquake and tsunami alert for Japan ahead of tomorrow's USDA reports was enough to prompt some profit-taking and book-squaring. For beans the trade expects only minor adjustments, with 2010/11 ending stocks seen falling slightly from 140m bu to 137m bu.

Corn: May 11 corn closed at USD7.59, down 4 cents; Dec 11 corn closed at USD6.44 1/4, down 3 1/4 cents. Weekly export sales were 808,900 MT, towards the top end of estimates of 550-850,000 MT. China didn't feature. Ending stocks estimates for tomorrow's USDA report are around 586-595m bu, depending on who's figures you rely on. Global corn stocks are also forecast to decline from around 123 MMT to 121 MMT. Once tomorrow's report is out of the way the trade will start to focus on US planting progress, or lack of it.

Wheat: May 11 CBOT wheat closed at USD7.73 1/4, down 9 cents; May 11 KCBT wheat closed at USD9.22 3/4, down 16 3/4 cents; May 11 MGEX wheat closed at USD9.40 3/4, down 13 3/4 cents. Weekly export sales were robust at 722,900 MT against trade ideas of 350-450,000 MT. Projected US and global ending stocks in tomorrow's USDA reports are seen as relatively non-threatening for wheat. Another corn surprise though shouldn't be ruled out, which could have a spillover effect on wheat.