Chicago Close

Posted by Nogger - a legend in his own mind at 19:19 | Categorized as

12/05/11 -- Soybeans: May 11 soybeans closed at USD13.45 1/4, up 11 3/4 cents; May 11 soybean meal closed at USD349.10, up USD5.00; May 11 soybean oil closed at 56.21, up 14 points. Beans managed to finish in positive territory despite a second week of export sales beneath 100,000 MT. Sales for 2010/11 were 59,000 MT and those for 2011/12 were only 3,300 MT. China cancelled 49,000 MT of old crop sales and export shipments were also a poor 180,600 MT - down 10 percent from the previous week. China raised bank reserve requirements by a half percent again today

Corn: May 11 corn closed at USD6.81 1/4, up 12 1/2 cents; Dec 11 corn closed at USD6.30 1/2, up 4 1/2 cents. Weekly export sales were in line with expectations at 433,800 MT for old crop and 23,700 MT for new crop. was the main buyer for both. A recovery in crude oil, which had been down around USD2.50 earlier in the day encouraged funds to buy around 7,000 corn contracts on the day. "Wet weather remains in the forecast for the US Corn Belt. With sharply colder temperatures in the coming days, fields will dry off slowly. Planting delays are anticipated to continue," say Martell Crop Projections.

Wheat: May 11 CBOT wheat closed at USD7.00 1/2, down 27 1/4 cents; May 11 KCBT wheat closed at USD8.69, down 36 cents; May 11 MGEX wheat closed at USD9.19 1/4, down 17 3/4 cents. Weekly export sales were in line with expectations at 320,600 MT old crop and 229,900 MT new crop. In addition shipments were a marketing year high of 1,026,500 MT. Even so prices declined on a combination of improved export prospects from the Black Sea and better planting weather in Canada. Algeria bought 400,000 MT of new crop any origin wheat overnight.