Chicago Close

Posted by Nogger - a legend in his own mind at 08:43 | Categorized as

14/06/11 -- Soybeans: Jul 11 soybeans closed at USD13.68, down 14 3/4 cents; Nov 11 soybeans closed at USD13.63 3/4, down 13 cents; Jul 11 soybean meal closed at USD358.70, down USD11.40; Jul 11 soybean oil closed at 56.85, up 3 points. Funds sold an estimated 7,000 bean contracts in what appears to be a general falling out of love with agri-commodities. Weakness from corn spilled over into beans despite firmer crude oil.

Corn: Jul 11 corn closed at USD7.55 1/2, down 27 cents; Dec 11 corn closed at USD6.85, down 19 1/2 cents. Corn led the market lower with funds given credit for selling 16,000 contracts on the day. The market was nervous ahead of a Senate vote on whether to repeal the ethanol blenders tax credit. The vote only got 40 of the 60 yea's needed to get passed. Weak spec money exiting the market was a feature, and some stronger spec cash rolling out of nearby July and into Dec also seems to have been going on.

Wheat: Jul 11 CBOT wheat closed at USD7.31 1/4, down 11 3/4 cents; Jul 11 KCBT wheat closed at USD8.39 3/4, down 11 1/4 cents; Jul 11 MGEX wheat closed at USD9.68 1/2, down 16 3/4 cents. Wheat also suffered at the hands of a ag commodity depression despite Egypt buying 60,000 of US wheat in it's first tender since February. Japan are also in the market for 260,000 MT of wheat this week, some of which is expected to be of US origin. Spring wheat plantings remain well behind schedule at only 88% done compared with 100% normally.