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08/08/11 -- Soybeans: November soybeans fell 24 1/3 cents to USD13.11 1/2 a bushel. December soymeal slid USD6.00 to USD346.50 whilst Dec soyoil dropped 111 points to 54.44. Funds sold an estimated 6,000 bean contracts in the wake of overnight weakness tied to the S&P's downgrade in America's credit rating. After the close the USDA raised good/excellent crop conditions one point to 61%, the trade was anticipating a 1% drop.

Corn: Sep 11 corn closed at USD6.75 1/4 cents, down 17 3/4 cent; Dec 11 corn closed at USD6.86, down 17 cents. Funds sold an estimated 13,000 contracts today as money flooded out of risky assets such as grains. Crude oil fell heavily and the Dow ended 500 points lower, adding to cron's woes. After the close the USDA pegged the percentage of the crop rated good/excellent at 60%, two points down on last week. The USDA reported 120 TMT corn sold to Egypt for 2010/11. The US weather outlook is fairly benign for August. The question now is how much irreversible damage was done in July.

Wheat: CBOT September wheat fell 22 1/2c to USD6.56 1/2 a bushel; KCBT September lost 25c to USD7.55 1/4; MGEX September dropped 22 1/4c to USD8.05 1/4. Funds were said to have sold an estimated 5,000 CBOT wheat contracts on the day as world economic uncertainties crept into the market. After the close the USDA said that winter wheat harvesting is 85% done, versus 91% normally. Spring wheat crop ratings fell four points to 66% good/excellent. They also reported HRW wheat sold to unknown this afternoon.