Chicago Close

07/09/11 -- Soybeans: Sep 11 Soybeans closed at USD14.11, down 2 1/2 cents; Nov 11 Soybeans closed at USD14.20 3/4, down 1 3/4 cents; Sep 11 Soybean Meal closed at USD367.20, down USD1.10; Sep 11 Soybean Oil closed at 58.18, up 62 points. It was a mixed session ahead of next Monday's USDA report. Stats Canada pegged rapeseed stocks there at 1.828 MMT - well above trade estimates of 0.70 to 1.3 MMT. Large deliveries against the September bean contract denotes that physical demand is thin at these levels.

Corn: Sep 11 Corn closed at USD7.36 1/2, down 10 1/4 cents; Dec 11 Corn closed at USD7.48, down 7 3/4 cents. Private production forecasts have been all over the place in the past week or so, highlighted by weather firm Cropcast coming out with a production estimate of just 11.913 billion bushels today - the lowest yet. Surprising therefore, and disappointing for the bulls, that the market couldn't manage to hold onto early gains. Talk is that a production number of around 12.5 billion bushels is what the market has factored in for Monday.

Wheat: Sep 11 CBOT Wheat closed at USD7.14 3/4, down 1 1/2 cents; Sep 11 KCBT Wheat closed at USD8.42, down 4 cents; Sep 11 MGEX Wheat closed at USD9.64 1/4, down 6 3/4 cents. Stats Canada pegged wheat stocks there at 7.2 MMT, above trade estimates of 5.5 to 6.8 MMT. US wheat wasn't even offered in this week's Egyptian tender. It's interesting to see Kazakh wheat competing with it's neighbour as the harvest there progresses, which may cap upside potential for Russian grain going forward. French wheat was also priced out of the market.