Chicago Close

Posted by Nogger - a legend in his own mind at 11:03 | Categorized as

13/07/11 -- Soybeans: Jul 11 Soybeans closed at USD13.87, up 20 1/2 cents, Nov 11 Soybeans closed at USD13.79 3/4, up 21 1/2 cents; Jul 11 Soybean Meal closed at USD353.20, up USD4.70; Jul 11 Soybean Oil closed at 57.45, up 115 points.

Corn: Jul 11 Corn closed at USD7.26 3/4, up 29 3/4 cents; Dec 11 Corn closed at USD6.79 3/4, up 21 3/4 cents.

Wheat: Jul 11 CBOT Wheat closed at USD7.02, up 39 1/4 cents; Jul 11 KCBT Wheat closed at USD7.41, up 27 1/4 cents; Jul 11 MGEX Wheat closed at USD8.21 1/4, up 9 3/4 cents.

We've got our first proper US weather market of the year for beans and corn, with a "heat dome" set to establish itself over the Midwest. The National Weather Service is forecasting much above normal temperatures for most of the country for the next fortnight. Funds bought an estimated 20,000 corn contracts on the day, and estimates for tomorrow’s weekly corn export sales report are expected to be large at 1.5 to 2 thousand MT. An announcement by Fed Ben Bernanke that further economic stimulus is under consideration gave a boost to commodities in general.