Chicago Close - Friday
19/08/11 -- Corn: Sep 11 Corn closed at USD7.11, up 12 cents; Dec 11 Corn closed at USD7.25 1/4, up 12 1/4 cents. Sep was 9 1/4 cents higher on the week with Dec up 10 3/4 cents. Crude was higher on the day but finished the week the best part of three dollars/barrel lower. Next week sees the Pro Farmer crop tour kick off on Monday. The trade will be looking for confirmation of what it believes is out there, namely lower potential yields for corn. The USDA confirmed the sale of 140,000 MT of corn to Japan.
Soybeans: Sep 11 Soybeans closed at USD13.59 3/4, up 7 3/4 cents; Nov 11 Soybeans closed at USD13.68 1/2, up 7 1/2 cents; Sep 11 Soybean Meal closed at USD354.10, up USD1.10; Sep 11 Soybean Oil closed at 55.39, up 12 points. On the week as a whole front month beans were up 22 3/4 cents, with meal up USD5.50 and oil up 79 points. "Hardly any rain has occurred this month in key producing areas of Minnesota, Iowa and Illinois. We figure one-third of US soybeans are at risk for a very low yield unless heavy rain arrives soon," say Martell Crop Projections.
Wheat: Sep 11 CBOT Wheat closed at USD7.30 3/4, up 23 cents; Sep 11 KCBT Wheat closed at USD8.19, up 24 cents; Sep 11 MGEX Wheat closed at USD9.45 1/4, up 34 1/2 cents. Minneapolis was again the leader putting on 84 cents on the week. Chicago rose a more modest 28 1/4 cents, with Kansas up 23 cents. The general consensus is that the US spring wheat crop will be lower than the USDA currently projects. The trade is also mindful however that the US is losing export market share to Russia.
