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19/05/11 -- Soybeans: Jul 11 soybeans closed unchanged at USD13.79 1/2; Nov 11 soybeans closed at USD13.49 1/2, down 3 3/4 cents; Jul 11 soybean meal closed at USD361.40, up USD0.40; Jul 11 soybean oil closed at 57.46, up 16 points. Weekly export sales came in at at a combined 166,232 MT, not exactly stunning, although better than recently - once again though none of those sales were for China. The USDA did however separately announce the sale of 110,000 MT for 2011/12 delivery to China under the daily reporting system, prior to that it's been three of four weeks since they showed up buying anything.Corn: Jul 11 corn closed at USD7.48 1/4, down 1 1/2 cents; Dec 11 corn closed at USD6.62, down 10 3/4 cents. Funds sold an estimated 8,000 contracts on the day, possibly getting out early ahead of the weekend after a secession of up days. Weekly export sales were robust at 843,200 MT for 2010/11 delivery and 308,500 MT for 2011/12. "The corn weather outlook remains very wet for Illinois, Indiana, Ohio and Missouri with two inches of rain possible in the coming days," say Martell Crop Projections.
Wheat: Jul 11 CBOT wheat closed at USD8.12, down 5 cents; Jul 11 KCBT wheat closed at USD9.44 3/4, up 6 3/4 cents; Jul 11 MGEX Wheat closed at USD10.06 1/4, up 10 cents. The USDA announced weekly export sales of 126,700 MT of old crop wheat and 672,200 MT for delivery in 2011/2012, a little above trade expectations for combined sales of 450-750,000 MT. "US northern spring wheat areas are forecast to remain extremely wet, meaning that further planting delays certain," say Martell Crop Projections. European weather woes are also taking centre stage.
