Chicago Close
09/08/11 -- Soybeans: Aug 11 Soybeans closed at USD12.98 3/4, down 10 1/2 cents; Nov 11 Soybeans closed at USD12.99 3/4, down 11 3/4 cents; Aug 11 Soybean Meal closed at USD338.00, down USD2.10; Aug 11 Soybean Oil closed at 53.03, down 79 points. Crude and stocks rallied late in the day, but even that couldn't drag soybeans into positive territory. Funds were estimated to have sold 8,000 soybean lots on the day, offloading an additional 2,000 soymeal and 5,000 soyoil. The improved August weather outlook is seen potentially helping later-developing soybeans more than corn.
Corn: Sep 11 Corn closed at USD6.78 1/4, up 3 cents; Dec 11 Corn closed at USD6.88 1/2, up 2 1/2 cents. Funds were said to have been net buyers of 10,000 contracts on the day. Recent volatility on corn saw the CFTC increasing the daily limit on corn futures to 40 cents as of August 22nd. The trade is positioning ahead of Thursday's USDA reports where 2011 US corn production is pegged at 13.082 billion bushels according to the average trade guess, versus 13,47 billion from the USDA last month.
Wheat: Sep 11 CBOT Wheat closed atUSD$6.71 3/4, up 15 1/4 cents; Sep 11 KCBT Wheat closed at USD7.63, up 7 3/4 cents; Sep 11 MGEX Wheat closed atUSD$8.16 3/4, up 11 1/2 cents. Funds were said to have bought 5,000 Chicago contracts on the day. Thursday's USDA report is seen cutting US all wheat production fractionally to 2.08 billion bsuhels. Trade estimates for the 2011/12 ending stocks range from 578 to 762 million bushels with an average guess of 671 million.
