CBOT Close
06/06/11 -- Soybeans: Jul 11 soybeans closed at USD13.83 1/4, down 31 1/4 cents; Nov 11 soybeans closed at USD13.72 3/4, down 24 1/4 cents; Jul 11 soybean meal closed at USD359.40, down USD9.00; Jul 11 soybean oil closed at 58.03, down 70 points. After the close the USDA reported that US soybean plantings were 68% complete as of Sunday, against trade expectations of 70-75% done. Personally I don't see that as particularly bullish as there is still more than plenty of time to get the crop into the ground.Corn: Jul 11 corn closed at USD7.32, down 22 cents; Dec 11 corn closed at USD6.67, down 19 1/4 cents. The USDA pegged planting progress at 94% done, in line with trade estimates. European weekend rains may have helped crop production prospects there it is thought. Ohio has caught up from being only 19% done last week to 58% complete this week. Funds sold an estimated 13,000 contracts on the day ahead of the anticipated "Goldman Roll" starting tomorrow.
Wheat: Jul 11 CBOT wheat closed at USD7.44, down 29 3/4 cents; Jul 11 KCBT wheat closed at USD8.90, down 24 1/4 cents; Jul 11 MGEX wheat closed at USD10.42, down 18 1/2 cents. After the close the USDA pegged US spring wheat planted at 79% done, down 19 points from average. Rain in Europe across the weekend drove wheat futures lower. US wheat is seen as being "miles out" compared to Russian and Ukraine wheat inweekend tenders.
