Chicago Close

Posted by Nogger - a legend in his own mind at 22:43 | Categorized as

14/04/11 -- Soybeans: May 11 soybeans closed at USD13.31, down 2 1/2 cents; Nov 11 soybeans closed at USD13.45 1/4, down 6 1/4 cents; May 11 soybean meal closed at USD342.50, up USD0.30; May 11 soybean oil closed at 56.87, down 49 points. Weekly export sales were poor at 130,200 MT against hopes for sales of 200-400 TMT. The March NOPA crush came in more than a million higher than trade estimates at 134.39 million bushels. The threat of Chinese cancellations and increased production from South America is weighing on the market.

Corn: May 11 corn closed at USD7.54 1/4, down 1 1/4 cents; Dec 11 corn closed at USD6.55 1/2, up 10 1/2 cents. Corn sales of 848,000 MT old crop and 253,500 MT of new crop were robust again, making a combined 1.1 MMT against expectations of 550-950 TMT. Current weather forecasts aren't conducive for early corn plantings. "The Midwest would receive 3-4 inches of rain in the next 7 days if the GFS model verifies. The hardest hit areas would be Nebraska, Illinois, Indiana, Missouri and Michigan and almost 40% of the Corn Belt," say Martell Crop Projections.

Wheat: May 11 CBOT wheat closed at USD7.40 1/2, down 12 1/4 cents; May 11 KCBT wheat closed at USD8.64, down 21 cents; May 11 MGEX wheat closed at USD8.89 3/4, down 14 1/4 cents. Weekly USDA wheat export sales were in line with trade ideas at 443,600 MT old crop and 102,000 MT new crop. "Kansas, the leading US wheat state is expecting 1.5 - 3 inches of rain in the northern areas over the next few days, ending drought with a flourish. Wheat certainly would benefit, but a miraculous recovery should not be expected," say Martell Crop Projections.