Chicago Close - Wednesday
17/08/11 -- Soybeans: Sep 11 Soybeans closed at USD13.56 3/4, up 16 3/4 cents; Nov 11 Soybeans closed at USD13.66 3/4, up 17 1/4 cents; Sep 11 Soybean Meal closed at USD354.50, up USD3.20; Sep 11 Soybean Oil closed at 55.65, up 65 points. The weak dollar was supportive with funds buying an estimated 6,000 soybean contracts on the day. China said it would auction off 4 MMT from state-owned reserves in an attampt to cap price rises. There is an unconfirmed report that they will only have 1.4 MMT of stocks left after they do that. Trade estimates for tomorrows weekly export sales report range from 400 to 900 TMT.
Corn: Sep 11 Corn closed at USD7.11 1/2, down 2 1/2 cents; Dec 11 Corn closed at USD7.25 1/2, down 2 cents. Following on from yesterday's FSA bullish "lost acres" story the vibe today was that many of those may have in fact already been accounted for in the USDA's report last week. Funds sold an estimated 5,000 contracts on the day. Trade estimates for tomorrows weekly export sales report range from 600,000 MT to 1.25 MMT.
Wheat: Sep 11 CBOT Wheat closed at USD7.27 1/2, up 2 3/4 cents; Sep 11 KCBT Wheat closed at USD8.23 1/4, up 5 3/4 cents; Sep 11 MGEX Wheat closed at USD9.16 3/4, up 20 1/2 cents. Minneapolis wheat was the leader again on the lower spring plantings storyline. The delayed harvest in the northern Plains and dryness in the south ahead of winter wheat plantings is also causing concern. Funds were said to have bought 2,000 CBOT contracts on the day. Trade estimates for tomorrows weekly export sales report range from 400 to 700 TMT.
