Chicago Close

20/06/11 -- Soybeans: July soybeans ended up 2 3/4c at USD13.35 3/4/bushel; Nov soybeans closed up 2 1/4c at USD13.35 1/2; July soymeal was up USD1.00 at USD350.00; Dec soyoil was up 10 points at 57.36. The Greek debt issue is weighing heavily on the market. Although they are a relative minnow, the implications of a default for other Eurozone nations like France and Germany are immense. After the close the USDA reported soybean plantings at 94% complete, amazingly that is one point ahead of the five year average. So what has the market been getting all uptight about? Crop conditions improved one point on last week to 68% good/excellent.

Corn: December corn was up 1/4c to USD7.00 1/2 a bushel; December corn rose 1/2c to USD6.60 1/2 a bushel. Crude traded either side but finished nominally higher on the day. South Korea bought corn and wheat over the weekend, fostering belief that US corn prices have fallen enough to stimulate some buying interest. After the close the USDA raised good/excellent crop conditions one point to 70%. Funds were said to have bought 3-5,000 contracts on the day. Export Inspections were modestly supportive at 42.978 million bushels.

Wheat: CBOT September wheat fell 12 1/4c to USD6.95 3/4 a bushel; KCBT September was down 2 1/4c to USD8.20; MGEX September shed 2 3/4c to USD8.79. Harvest pressure weighed on wheat with the USDA saying that winter wheat was 31% cut, compared with 22% normally. Good to excellent crop conditions improved a point to 36% and spring wheat plantings were up from 88% last week to 91%. That isn't too great, although spring wheat conditions improved from 68% good/excellent last week to 72% this time round.