Chicago Close

Posted by Nogger - a legend in his own mind at 10:33 | Categorized as

21/12/11 -- Soybeans: Beans closed around 9 cents higher with meal up USD3-4 and oil up 5-7 points. This was five straight up days in a row for beans with funds buying an estimated 6,000 contracts on the day. A wetter forecast for Argentina saw the market open negative but a revised drier call later on saw the board turn green. Estimates for tomorrow's weekly export sales report for beans are 400-600,000 MT.

Corn: Corn closed around 9 cents firmer with funds buying an estimated 9,000 contracts on the day. Dryness concerns in southern Brazil and Argentina were the catalyst for the fourth day of gains in a row. Estimates for tomorrow's USDA weekly export sales report are 450-650,000 MT. A weaker dollar and firmer crude oil added support for corn.

Wheat: CBOT wheat closed with gains of 8-9 cents, with Kansas up 2-3 cents and Minneapolis mixed either side. Funds were said to have bought around 3,000 CBOT contracts on the day, buoyed by spillover support from corn and South American weather concerns. Weekly export sales for tomorrow are estimated at 300-450,000 MT.