CBOT Close

Posted by Nogger - a legend in his own mind at 22:39 | Categorized as

09/05/11 -- Soybeans: May 11 soybeans closed at USD13.35, up 10 cents; Nov 11 soybeans closed at USD13.22, up 13 1/2 cents; May 11 soybean meal closed at USD345.90, up USD1.00; May 11 soybean oil closed at 55.98, 61 points higher. Nervous fund selling evaporated as crude oil rose more than USD5.00/barrel. Weekly export inspections of 6.018 million bushels were at the low end of trade expectations. The USDA reported 7% of the soybean crop as planted as of Sunday. That's below 28% last year and 17% on average, but probably much better that the trade anticipated.

Corn: May 11 corn closed at USD7.04 1/2, up 21 3/4 cents; Dec 11 corn closed at USD6.57 1/2, 17 1/4 cents higher. After the close the USDA reported corn plantings at 40% complete, towards the high end of expectations, and up 27 points from last week. Iowa sowings leaped from 8% done to 69% complete, a tribute to modern farming methods and equipment. The USDA export inspections report came in at 27.777 million bushels, a bit on the low side. Funds bought an estimated 13,000 corn contracts on the day it is thought.

Wheat: May 11 CBOT wheat closed at USD7.59 1/4, up 34 3/4 cents; May 11 KCBT wheat closed at USD9.10, up 42 cents; May 11 MGEX wheat closed at USD9.60, up 49 1/4 cents. Wheat led the way higher on the back of last week's disappointing results from the Kansas wheat tour and reports that temperatures over the weekend reached near 100 F in Texas, Oklahoma and Kansas. Export inspections were solid at 34.625 million bushels. A strong showing by EU wheat markets also helped the cause.