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03/05/11 -- Soybeans: May 11 soybeans closed at USD13.59 1/4, down 31 cents; Nov 11 soybeans closed at USD13.54 1/4, down 19 1/2 cents; May 11 soybean meal closed at USD349.50, down USD7.30; May 11 soybean oil closed at 57.27, down 92 points. A broad-based commodity sell-off which saw crude oil, gold and silver all sharply lower spilled over into beans. Ideas that the late planting progress in corn amy also produce more soybean acres also added fuel to the fire. Funds sold an estimated 4,000 soybean contracts on the day. Societe Generale followed in the footsteps of Goldman Sachs in warning that the commodities bandwagon might be about to get de-railed.Corn: May 11 corn closed at USD7.19, down 11 3/4 cents; Dec 11 corn closed at USD6.62 1/4, up 1 cent. Funds sold an estimated 15,000 contracts as the continue to reduce their length in old crop. New crop just about managed to keep it's head above water on the back of the late planting story. Are funds beginning a new exit strategy? Thursday's export sales report is taking on a particular significance, if sales come in low again it could trigger further old crop selling.
Wheat: May 11 CBOT wheat closed at USD7.60 3/4, up 1 cent; May 11 KCBT wheat closed at USD8.89, up 7 1/2 cents; May 11 MGEX wheat closed at USD9.43 1/2, down 6 1/2 cents. Wheat was all over the place with funds selling an estimated 1,000 contracts of CBOT wheat. Monday's crop progress report seemed to favour Kansas wheat, whilst slow spring wheat plantings benefited Chicago wheat. The annual Wheat Quality Tour is underway, and on day one reports filtering through appear to show better than expected yield potential.
