Chicago Close

08/09/11 -- Soybeans: Sep 11 Soybeans closed at USD14.07 1/4, down 3 3/4 cents; Nov 11 Soybeans closed at USD14.18 1/4, down 2 1/2 cents; Sep 11 Soybean Meal closed at USD365.50, down USD1.70; Sep 11 Soybean Oil closed at 57.82, down 36 points. It was another "no news" day in which funds sold an estimated 4,000 soybean contracts on the day. Once again there were fairly large deliveries against the September contract, indicative that cash values aren't keeping pace with paper trade. Weekly export sales, one day later than normal due to Monday's holiday, are expected to be in the range of 350-650 TMT.

Corn: Sep 11 Corn closed at USD7.23 1/4, down 13 1/4 cents; Dec 11 Corn closed at USD7.34, down 14 cents. Funds were said to have sold 13,000 contracts on the day, bringing their total sales for the week so far to 28,000 lots. Weekly export sales due tomorrow are forecast in the region of 800 TMT - 1 MMT. If they prove to be a disappointment then we may see further liquidation ahead of the weekend and Monday's USDA reports. If so that would be four lower closes in a row.

Wheat: Sep 11 CBOT Wheat closed at USD7.09 1/4, down 5 1/2 cents; Sep 11 KCBT Wheat closed at USD8.24, down 18 cents; Sep 11 MGEX Wheat closed at USD9.49 1/2, down 14 3/4 cents. Funds sold 3,000 Chicago contracts on the day, bringing their weekly sales to around 8,000 so far. The strong dollar continues to hamper US exports. India is said to have authorised the sale of 2 MMT of it's surplus wheat stocks. Export sales for tomorrow are estimated at 350-450 TMT.