Chicago Close

Posted by Nogger - a legend in his own mind at 11:25 | Categorized as

24/06/11 -- Soybeans: Jul 11 soybeans closed at USD13.20 1/4, up 2 1/2 cents; Nov 11 soybeans closed at USD13.09 1/4, down 8 cents; Jul 11 soybean meal closed at USD339.90, down USD0.70; Jul 11 soybean oil closed at 55.22, up 7 points. On the week as a whole July beans lost 23 3/4 cents, meal USD9.10 and oil 70 points. Fund money continues to get out of the market, selling an estimated 6,000 bean contracts on the day. Weekend forecasts for above normal temperatures and normal to below normal rainfall should be beneficial. China bought 120,000 MT of new crop beans, which was supportive although falling crude oil and a strong dollar were not.

Corn: Jul 11 corn closed at USD6.70, down 10 1/2 cents; Dec 11 corn closed at USD6.32, down 14 cents. At the end of a damaging week for corn July shed 30 1/4 cents and new crop Dec lost 28 cents. As with soybeans fund money is heading out of corn, selling an estimated 14,000 contracts today and 35,000 on the week to add to last week's 50,000 lots sold. That equates to around a third of their entire length sold in a fortnight, with prices now almost 130 cents lower than the record high set two weeks ago today. Crude oil, the firm dollar and Greek nervousness are all bearish. We also have an improved weather outlook that may indicate an increase in good/excellent crop ratings from the USDA on Monday night.

Wheat: Jul 11 CBOT wheat closed at USD6.35 3/4, down 13 1/4 cents; Jul 11 KCBT wheat closed at USD7.48 1/2, down 11 1/2 cents. Jul 11 MGEX wheat closed at USD8.26, down 18 cents. On the week overall CBOT was down 36 1/2 cents, KCBT 56 cents, and MGEX 71 1/4 cents. The harvest in Kansas is advancing rapidly with yields and quality coming in better than expected. What spring wheat has been planted has got off to a great start by all accounts. Russia's grain harvest is underway and recent EU rains have lifted hopes for production prospects here too. July CBOT wheat is now down almost a dollar and a half this month, and now stands more than three dollars below the February highs.