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11/07/11 -- Soybeans: Jul 11 soybeans closed at USD13.52 1/2, up 1/2 cent; Nov 11 soybeans closed at USD13.47, up 1/2 cent; Jul 11 soybean meal closed at USD346.00, down USD0.30; Jul 11 soybean oil closed at 56.20, unchanged. Good/excellent crop conditions were unchanged at 66%. Weekly export inspections were on the low end of expectations at 4.490 million bushels. Analysts have mixed ideas as to whether this week's mostly warm and dry weather forecast for the Midwest is beneficial or detrimental. In tomorrow's USDA stocks report soybean ending stocks are estimated at 193 million bushels, up 13 million from the June forecast.Corn: Jul 11 corn closed at USD6.81 1/2, up 9 1/4 cents; Dec 11 corn closed at USD6.32 3/4, down 4 1/4 cents. Funds sold an estimated 5,000 lots on the day. This afternoon’s Crop Progress report came in unchanged at 69% good/excellent. A sharp increase in corn ending stocks is anticipated in tomorrow's USDA report on the back of the June 30th shock numbers. The average analysts guess is 905 million bushels, up from 730 million last month. 2011/12 ending stocks are seen at 994 million versus 900 million last time.
Wheat: Jul 11 CBOT wheat closed at USD6.36, down 14 1/2 cents; Jul 11 KCBT weat closed at USD2, down 15 3/4 cents; Jul 11 MGEX wheat closed at USD4 1/2, down 35 1/2 cents. This afternoons Crop Progress report showed Winter Wheat harvested at 63%. Spring wheat conditions were at 73% good/excellent, up 3 points from last week. The firm dollar is seen weighing on demand for US wheat which has lost out on three high profile tenders from the Middle East/North Africa last week. In tomorrow's USDA report US all wheat production is seen marginally higher at 2.069 billion bushels.
