Chicago Close
25/08/11 -- Soybeans: Sep 11 Soybeans closed at USD13.86, down 1/2 cent; Nov 11 Soybeans closed at USD13.92 3/4, down 3/4 cent; Sep 11 Soybean Meal closed at USD368.00, up USD1.00; Sep 11 Soybean Oil closed at 55.60, down 18 points. Weekly export sales were a combined 657,626 MT, in line with expectations of 400 TMT to 1.1 MMT. The July soybean crush came in at 129.54 million bushels, pretty much bang on what was expected. Final results of the Pro Farmer Crop Tour will be out after the close tomorrow.
Corn: Sep 11 Corn closed at USD7.32 1/4, up 1/2 cent; Dec 11 Corn closed at USD7.43 1/2, up 1/2 cent. Weekly export sales of 383,800 MT of old crop corn and 152,300 MT of new crop were in line with the 350-700 thousand MT expected. Funds bought an estimated 4,00 contracts on the day ahead of tomorrow's Bernanke speech. the Pro Farmer Crop Tour is reporting generally lower corn yields than the August USDA report.
Wheat: Sep 11 CBOT Wheat closed at USD7.57 1/4, up 8 cents; Sep 11 KCBT Wheat closed at USD8.47 3/4, up 12 3/4 cents; Sep 11 MGEX Wheat closed at USD9.34 3/4, up 8 3/4 cents. Wheat continues to lead the market higher, albeit with a blinkered viewpoint fixated on US spring wheat. Egypt bought Russian/Romanian wheat gain today and the USDA's weekly export sales number of 347,100 MT for wheat was below the 400-950 thousand MT expected.
