Chicago Close

18/05/11 -- Soybeans: Jul 11 soybeans closed at USD13.79 1/2, up 38 1/2 cents; Nov 11 Soybeans closed at USD13.53 1/4, up 32 3/4 cents; Jul 11 soybean meal closed at US361.00, up USD10.60; Jul 11 soybean oil closed at 57.30, up 126 points. Sharply higher crude oil helped, as too did other outside markets. Funds bought an estimated 9,000 soybean contracts on the day. Linn Group estimated this year's soybean plantings at 75.1 million acres, down 1.5 million from the USDA's March estimate.

Corn: Jul 11 corn closed at USD7.49 3/4, up 29 1/2 cents; Dec 11 corn closed at USD6.72 3/4, up 19 1/2 cents. Funds bought 20,000 lots on the day it is reckoned. Estimates for tomorrows weekly export sales report range from 800,000 to 1,000,000 MT. European weather remains a concern, as too does continued rainfall in the US Corn Belt. QT Weather say that a series of trapped upper lows over Colorado and Wisconsin will continue to dump heavy rains on the northern Plains and southern Canada.

Wheat: Jul 11 CBOT wheat closed at $8.17, up 53 cents; Jul 11 KCBT wheat closed at USD9.38, up 43 1/2 cents; Jul 11 MGEX Wheat closed at USD9.96 1/4, up 60 cents. Wheat prices rose on European concerns, late US spring wheat plantings and a continued deterioration of US winter wheat ratings. Estimates for tomorrows weekly export sales report range from 450 to 750 thousand MT.