Chicago Closing Comments - Friday

18/11/11 -- Soybeans: Jan 12 Soybeans closed unchanged at USD11.68 1/4; Mar 12 Soybeans closed at USD11.78 1/4, down 1/4 cent; Dec 11 Soybean Meal closed at USD298.40, up USD3.90; Dec 11 Soybean Oil closed at 50.88, down 52 points. Beans were marginally higher on the week and meak & oil a tad lower. Funds were modest buyers of around 1,000 soybean contracts on the day as the USDA announced the sale of 124,500 MT of soybeans to China. the Buenos Aires Cereals Exchange forecast soybean plantings in Argentina at 18.85 million hectares, up from the 18.60 million hectares estimated last week. European debt problems continue to pressure the market and cap gain potential.

Corn: Dec 11 Corn closed at USD6.10 1/4, down 4 1/4 cents; Mar 12 Corn closed at USD6.18, down 5 1/4 cents. Corn was down 28 1/4 cents, or 4.4%, on the week. Funds were said to have sold 8,000 contracts on the day and 30,000 on the week. Crude oil was lower on the European debt situation, and the firm dollar continues to hamper US exports which were the lowest in more than a year last week in yesterday's weekly sales report. Competition is hotting up for US corn on the export front. The corn harvest in Ukraine is 88% complete producing a crop of 19 MMT so far, according to the Ministry there.

Wheat: Dec 11 CBOT Wheat closed at USD5.98 1/4, up 5 3/4 cents; Dec 11 KCBT Wheat closed at USD6.68 1/2, up 2 cents; Dec 11 MGEX Wheat closed at USD9.17 1/4, down 7 3/4 cents. Chicago wheat was down 18 1/2 cents on the week, with Kansas falling 35 1/2 cents and Minneapolis down 17 cents. Farmer selling is light at these levels, but so is export demand as US wheat remains over-priced relative to other origins around the world, despite recent price falls. Egypt tendered for wheat after the close of Chicago, once again it will be a surprise if US wheat is even offered it is priced so far out. The Buenos Aires Grains Exchange increased it's estimate on Argentine wheat production to 13 MMT from 12.6 MMT.