Chicago Close

Posted by Nogger - a legend in his own mind at 07:49 | Categorized as

04/05/11 -- Soybeans: May 11 soybeans closed at USD13.50 1/2, down 8 3/4 cents; Nov 11 soybeans closed at USD13.38 1/2, down 15 3/4 cents; May 11 soybean meal closed at USD347.60, down USD1.90; May 11 soybean oil closed at 56.76, down 51 points. Beans succumbed to general commodity weakness. New crop fell the most on ideas that corn planting delays will lead to more soybean acres in the US this year. Soybean weekly export sales, which have fallen away sharply recently, are only expected to be in the region of 100 to 300 thousand MT tomorrow.

Corn: May 11 corn closed at USD7.26 1/2, up 7 1/2 cents; Dec 11 corn closed at USD6.65 1/4, up 3 cents. Acute planting delays, particularly in the eastern corn belt, remain the main focus. Weekly export sales estimates for tomorrow range from 350 to 650 thousand MT. A lower number may trigger further old crop fund selling. US ethanol production was down slightly on the week to 875,000 barrels per day for the week ending April 29, down from 883,000 the previous week.

Wheat: May 11 CBOT wheat closed at USD7.41, down 19 3/4 cents; May 11 KCBT wheat closed at USD8.67 3/4, down 21 1/4 cents; May 11 MGEX wheat closed at USD9.23, down 20 1/2 cents. Wheat was also under pressure from long liquidation and broad-based commodity selling. The annual Wheat Quality Tour isn't throwing up too many surprises as yield potential declining as they progress west. Estimates for tomorrow's weekly export sales report are between 300 and 600 thousand MT.