Chicago Close

Posted by Nogger - a legend in his own mind at 22:40 | Categorized as

02/05/11 -- Soybeans: May 11 soybeans closed at USD13.90 1/4, down 2 cents; Nov 11 beans closed at USD13.73 3/4, down 1/2 cent; May 11 soybean meal closed at USD356.80, down USD1.30; May 11 soybean oil closed at 58.19, up 6 points. Beans closed modestly lower, pressured by falling corn on ideas that planting of the latter will start to catch up this week as weather forecasts improve. Weaker crude oil on the back of news of the death of Osama Bin Laden also weighed. Weekly export inspections were below expectations at 5.525 million bushels, with nothing headed for China.

Corn: May 11 corn closed at USD7.30 3/4, down 23 1/4 cents; Dec 11 corn closed at USD6.61 1/4, down 8 1/4 cents. Corn led the entire complex lower on ideas for a pick up in corn planting progress in the coming week. Funds sold an estimated 12,000 contracts on the day. Weekly export inspections were a bit flat at 34.635 million bushels. After the close the USDA reported that corn plantings had increased from 9% to 13% done this past week, a bit below trade estimates and well underneath the 40% planted this time a year ago. No progress was made in Illinois, Ohio or Indiana at all.

Wheat: May 11 CBOT wheat closed at USD7.59 3/4, down 9 1/2 cents; May 11 KCBT wheat closed at USD8.81 1/2, down 11 1/2 cents; May 11 MGEX wheat closed at USD9.4550, up 4 3/4 cents. Weakness in corn spilled over into wheat. Weekly export inspections of 36.394 million bushels keep export pace well ahead of last year. After the close the USDA reported only 10% of spring wheat planted as opposed to 43% this time last year. Winter wheat rated good/excellent fell one point to 34%, whilst poor/very poor rose from 40% to 41%. Kansas, Oklahoma and Texas all saw declines.