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13/05/11 -- Soybeans: May 11 soybeans closed at USD13.37, down 8 1/4 cents; Nov 11 soybeans closed at USD13.10 3/4, down 15 1/2 cents; May 11 soybean meal closed at USD343.10, down USD6.00; May 11 soybean oil closed at 55.75, down 46 points. Expiring May beans were up 11 3/4c on the week with new crop Nov up a more modest 2 1/4c. May meal was down USD1.80 and May soyoil was 38 pips higher. Slack export demand and a firmer dollar weighed. A drier forecast for the Midwest next week should enable some decent planting progress to be made. Monday's USDA report is expected to show soybean planting at around 20% complete, up from 7% a week ago and not too far behind "normal" at 27% done.Corn: May 11 corn closed at USD6.79, down 2 1/4 cents; Dec 11 corn closed at USD6.27, down 3 1/2 cents. May corn also expired at noon in Chicago with the contract ending 3 3/4c lower on the week whilst new crop Dec fell 13 1/4c versus last Friday. The USDA announced the sale of 271,200 MT of US corn to "unknown" for 2011/12 delivery and South Korea bought 269,000 MT of optional origin corn for August delivery. The "China is buying on these dips" rumours continue to do the rounds and any sales to "unknown" add a little bit of weight to these reports. Corn planting is expected to be past halfway in Monday's USDA report, with 75% about normal for this time of year.
Wheat: May 11 CBOT wheat closed at USD6.96, down 4 1/2 cents; May 11 KCBT wheat closed at USD8.58 3/4, down 10 1/4 cents; May 11 MGEX wheat closed at USD9.11 3/4, down 7 1/2 cents. Nearby Chicago wheat was 28 1/2c lower on the week, with Kansas losing 9 1/4c and Minneapolis up a cent. Although US wheat production is seen falling 9% this coming year to 55.6 MMT, exports are seen down more than 18% as America loses market share to the FSU. A drier weather pattern forecast for next week should enable some significant spring wheat planting progress to be made in the Dakotas and Canadian Prairies.
