Chicago Close

21/07/11 -- Soybeans: Aug 11 soybeans closed at USD13.80 1/4, up 2 cents; Nov 11 soybeans closed at USD13.88, up 4 cents; Aug 11 soybean meal closed at USD362.70, up USD0.80; Aug 11 soybean oil closed at 56.48, down 29 points. Forecasts of a return to more normal temperatures and rainfall once we get into August took some of the heat out of the market. Export sales of 257,019 MT for old crop and 188,913 MT for new crop were in line with trade estimates. Firmer crude oil was supportive although weak corn capped potential rises.

Corn: Sep 11 corn closed at USD6.79 1/4, down 8 3/4 cents; Dec 11 corn closed at USD6.73, down 4 3/4 cents. Revised weather forecasts were bearish, although the market finsished well off session lows. "Welcome cooling is coming to the Upper Midwest along with recurring showers. The Mid South should also receive some generous rain," say Martell Crop Projections. Weekly export sales were OK at 428,700 MT for 2010/11 delivery and 472,800 MT for 2011/12 delivery. Funds were said to have sold 7,000 contracts on the day.

Wheat: Sep 11 CBOT wheat closed at USD6.77 1/4, down 19 3/4 cents; Sep 11 KCBT wheat closed at USD7.74 1/4, down 19 3/4 cents; Sep 11 MGEX wheat closed at USD8.33 3/4, down 19 cents. Wheat was under pressure from further upward increases in production prospects out of the Black Sea, with traders armed with the knowledge that FOB prices there are well below US Gulf levels. That said, export sales were fair at 344,427 MT for 2011/12 and 59,101 MT for 2012/13. Iraq and Jordan are back in the market tendering for optional origin wheat.