Chicago Firms On Outside Influences

24/10/11 -- Soybeans: Nov 11 Soybeans closed at USD12.26 3/4, up 14 1/2 cents; Jan 12 Soybeans closed at USD12.35 1/4, up 14 1/2 cents; Dec 11 Soybean Meal closed at USD$321.50, up USD5.00; Dec 11 Soybean Oil closed at 51.79, up 54 points. Funds bought 8,000 soybean contracts on the day as outside markets firmed on yet another air of optimism regarding European debt. After the close the USDA pegged the US soybean crop at 80% complete, up from 69% last week and 71% on average.

Corn: Dec 11 Corn closed at USD6.51, up 1 3/4 cents; Mar 12 Corn closed at USD6.62 1/4, up 2 1/4 cents. This afternoons USDA Crop Progress report showed 65% harvested compared with 47% last week and 51% normally. The east is lagging with harvesting in IN, OH, and MI only at 42%, 14% and 20% done respectively. Good/excellent crop conditions were up one point to 54%. Outside markets helped, with NYMEX crude oil rising above USD90/barrel for the first time since July.

Wheat: Dec 11 CBOT Wheat closed at USD6.42 1/2, up 10 1/2 cents; Dec 11 KCBT Wheat closed at USD7.35, up 12 cents; Dec 11 MGEX Wheat closed at USD9.17 1/4, down 2 cents. Outside markets firmed the grains in general. The USDA Crop Progress report showed 82% of US winter wheat planted, 2 points below average. Emerged was at 56%, 7 points below average. Crop conditions were at 47% good/excellent, in line with last year.