Chicago Close

27/04/11 -- Soybeans: May 11 soybeans closed at USD13.78, down 4 3/4 cents; Nov 11 soybeans closed at USD13.768 1/2, down 6 1/4 cents; May 11 soybean meal closed at USD356.70, down USD3.10; May 11 soybean oil closed at 57.86, down 19 points. The market needs a bit of direction. Corn planting delays are potentially bearish for soybeans, but weather forecasts are turning warmer and drier. Chinese buying is shrinking a little, and another interest rate rise - or at least a further increase in bank reserve requirements - could be on the cards again within the next few days. Harvesting in South America is well advanced with less than 10% of Brazil's crop left to bring in.

Corn: May 11 corn closed at USD7.52 1/4, down 14 cents; Dec 11 corn closed at USD6.67 1/4, down 8 1/2 cents. The market was nervous ahead of the Fed policy meeting report this afternoon. US weather forecasts are mixed, with some predicting warmer and drier conditions for the Midwest, whilst others say that wet and cold is the continuing theme. Funds sold an estimated 15,000 contracts ahead of Bernanke's speech. Weekly export sales, due to be reported by the USDA tomorrow, are expected to show another robust week for US corn with totals in the region of 800 TMT - 1 MMT.

Wheat: May 11 CBOT wheat closed at USD7.77, down 34 1/4 cents; May 11 KCBT wheat closed at USD9.12 1/2, down 37 13/4 cents; May 11 MGEX wheat closed at USD9.47 1/2, down 26 cents. Tomorrow's weekly export sales are expected to be around 350-550 TMT. Funds sold around 6,000 lots. Rains in the forecast for Kansas, a slight improvement for conditions in Europe and China and uncertainty ahead of this afternoon's Fed comments were enough to encourage some money getting taken off the table. Private Exporters announced the sale of 100,000 MT of HRW wheat to unknown.