Chicago Close
12/08/11 -- Corn: Sep 11 Corn closed at USD7.01 3/4, down 3/4 cen; Dec 11 Corn closed at USD7.14 1/2, up 1/2 cent. Despite the impetus of Thursday's bullish USDA report Sep corn only actually closed 8 3/4 cents higher on the week with Dec 11 1/2 cents firmer. Funds were said to have bought 3,000 contracts on the day making them net buyers of 12,000 on the week. Today's corn performance looks pretty disappointing for the bulls I'd say given the surprisingly bullish nature of the USDA numbers. Market direction from here will be dependant on the weather for the rest of the month but perhaps more importantly outside influences and money flows.
Soybeans: Aug 11 Soybeans closed at USD13.37, up 3 1/4 cents; Nov 11 Soybeans closed at USD13.34 3/4, up 3 cents; Aug 11 Soybean Meal closed at USD348.60, up USD1.40; Aug 11 Soybean Oil closed at 54.60, up 57 points. Aug beans were up 5 1/2 cents on the week with Nov down 1/2 cent. As with corn, it's been a pretty uninspiring weekly performance given the bullish USDA numbers. Global economic woes may dictate things next week. Data Friday reveals that US consumer confidence is running at it's lowest level since May of 1980.
Wheat: Sep 11 CBOT Wheat closed at USD7.02 1/2, up 1 1/4 cents; Sep 11 KCBT Wheat closed at USD7.96, down 12 cents; Sep 11 MGEX Wheat closed at USD8.61 1/4, down 1 1/4 cents. On the week as a whole Chicago wheat rallied 23 1/2 cents, with Kansas up 15 3/4 cents and Minneapolis up 33 3/4 cents. The USDA numbers were least bullish for wheat, yet wheat was the strongest leg of the complex on the week. This maybe has more to do with the fact that the spec trade was short wheat going into Thursday's report so some short-covering likely took place prior to that.
