Chicago Rises On EU Rescue Plan News

27/10/11 -- Soybeans: Nov 11 Soybeans closed at USD12.35, up 24 1/2 cents; Jan 12 Soybeans closed at USD12.44, up 24 1/4 cents; Dec 11 Soybean Meal closed at USD323.50, up USD6.50; Dec 11 Soybean Oil closed at 52.11, up 122 points. It was a risk on day as EU leaders came up with a last minute plan to save us all from a Greek default. Weekly export sales were poor at 254.6 MT, well below trade estimates of 650-950 TMT and the lowest weekly volume since June. Even that didn't put the funds off today though as they bought an estimated 10,000 soybean contracts on the day.

Corn: Dec 11 Corn closed at USD6.51 1/2, up 14 1/4 cents; Mar 12 Corn closed at USD6.63 1/2, up 14 cents. As with soybeans weekly export sales came in well under the trade estimate of 650-900 TMT at 361.4 TMT, the worst performance since April. Also as with soybeans that didn't deter the funds who bought an estimated 16,000 contracts on the day, buoyed by the news from Europe.

Wheat: Dec 11 CBOT Wheat closed at USD6.44, up 24 1/2 cents; Dec 11 KCBT Wheat closed at USD7.38, up 22 cents; Dec 11 MGEX Wheat closed at USD9.23, up 12 3/4 cents. Funds were net buyers of 4,000 CBOT contracts on the day. Weekly export sales were towards the low end of expectations at 314,800 MT. The IGC increased their 2011/12 world wheat stocks estimate to 202 MMT.