Chicago Close

Posted by Nogger - a legend in his own mind at 00:05 | Categorized as

05/07/11 -- Soybeans: Jul 11 soybeans closed at USD13.32 1/4, up 10 cents; Nov 11 soybeans closed at USD13.18, up 5 1/2 cents; Jul 11 soybean meal closed at USD341.70, up USD0.80; Jul 11 soybean oil closed at 55.10, down 6 points. Fund money returned to the arena buying an estimated 3,000 soybean contracts ion the day. After the close the USDA pegged good/excellent ratings up one point o last week at 66%. The percentage of the crop emerged is in ine with the five year average at 96%.

Corn: Jul 11 corn closed at USD6.80 1/2, up 39 3/4 cents; Dec 11 corn closed at USD6.12 1/2, up 15 3/4 cents. Reports that China may have bought more US corn along with confirmation that South Korea had were enough to spark a fire under corn that had fallen out of bed for the last two trading sessions. Corn good/excellent conditions improved by one percentage point to 69%, including a leap from 14% to 17% in the excellent category. The USDA Export Inspections report showed 34.588 million bushels inspected for export for the week ending June 30th, better than trade estimates.

Wheat: Jul 11 CBOT wheat closed at USD6.13 3/4, up 29 1/4 cents; Jul 11 KCBT wheat closed at USD7.18 1/2, up 15 1/2 cents; Jul 11 MGEX wheat closed at USD8.69 1/4, up 38 1/4 cents. Funds were said to have bought 4,000 CBOT whet contracts on the day. The USDA export inspections report was solid at 26.12 million bushels. After the close the USDA pegged winter wheat harvesting at 56% done versus 52% normally. Good/excellent improved one point to 36% and spring wheat conditions were also up a point in the top two categories to 70%.