Chicago Close

Posted by Nogger - a legend in his own mind at 08:22 | Categorized as

02/06/11 -- Soybeans: Jul 11 soybeans closed at USD14.07, up 20 3/4 cents; Nov 11 soybeans closed at USD13.92 3/4, up 18 cents; Jul 11 soybean meal closed at USD366.00, up USD5.30; Jul 11 soybean oil closed at 58.91, up 48 points. A fresh inflow of fund money spurred July beans to close above USD14.00/bu for the first time for a front month since the last day of March. Funds bought an estimated 6,000 contracts on the day and were also featured buyers of corn and wheat. Trade estimates for tomorrows export sales data are in the range of 150TMT-350TMT.

Corn: Jul 11 corn closed at USD7.66 1/2, up 8 cents; Sep 11 corn closed at USD7.41 1/2, up 13 1/4 cents; Dec 11 corn closed at USD6.95, up 15 1/2 cents. As with soybeans fund money was pouring in for corn, buying an estimated 12,000 contracts and brushing aside anything negative. There were a few such factors about, like a rising dollar and Informa increasing it's world corn production forecast by 11 MMT, including pegging China's output some 8 MMT higher than last month's USDA number. Instead the funds are more interested in what's going on in their own backyard and concentrating on planting delays. Trade estimates for tomorrows export sales data are in the range of 500TMT-1MMMT.

Wheat:

Jul 11 CBOT wheat closed at USD7.69 3/4, up 10 1/2 cents; Jul 11 KCBT wheat closed at USD9.09, up 17 1/2 cents; Jul 11 MGEX wheat closed at USD10.19 1/2, up 14 cents. Ukraine dropping their wheat export target for 2011/12 was seen as supportive along with speculation that Russia will introduce an export duty on grains. Lebanon found that Ukraine wheat was even cheaper than Russian in their tender and bought accordingly. Informa dropped their US winter wheat production estimate to 1.421 billion bushels. Trade estimates for tomorrows export sales data are in the range of 200TMT-500TMT.