Chicago Close
23/08/11 -- Soybeans: Sep 11 Soybeans closed at USD13.89 1/2, up 13 cents; Nov 11 Soybeans closed at USD13.97 1/4, up 12 cents; Sep 11 Soybean Meal closed at USD368.30, up USD5.60; Sep 11 Soybean Oil closed at 55.62, up 2 pips. A fall in good/excellent crop conditions last night, and continued dryness concerns see soybeans pushing USD14.00/bushel. The worries of the past fortnight over US and EU debt concerns already seem like a distant memory. Crude oil is back on the up and Uncle Ben looks like he might throw a whole load more free money into the pot on Friday. The only way is up, right?
Corn: Sep 11 Corn closed at USD7.30 1/4, up 9 3/4 cents; Dec 11 Corn closed at USD7.43 1/2, up 9 cents. As with beans lower crop ratings overnight provided initial upward impetus with funds buying an estimated 11,000 contracts on the day. Weather concerns remain, the market is already factoring in a corn yield of 150bpa or less and the high fives all round back-slapping the only way is up rhetoric is all over the market like a cheap Japanese suit. The only way is up, right?
Wheat: Sep 11 CBOT Wheat closed at USD7.57 1/4, up 21 3/4 cents; Sep 11 KCBT Wheat closed at USD8.41, up 19 1/4 cents; Sep 11 MGEX Wheat closed at USD9.50 1/4, up 7 cents. US spring wheat crop conditions fell last night sending CBOT wheat to it's highest levels in 2 1/2 months. Egypt bought Russian wheat again today over US and EU origins, but that doesn't matter, it's what is going on in the country that produces 8% of global production that counts. The only way is up, right?
