Chicago Quiet Ahead Of USDA Numbers

08/02/12 -- Soybeans: Mar 12 Soybeans closed at USD12.31 1/2, down 1/2 cent; Nov 12 Soybeans closed at USD12.40, down 1 1/4 cents; Mar 12 Soybean Meal closed at USD321.70, down USD3.70; Mar 12 Soybean Oil closed at 52.58, up 41 points. There was little change ahead of tomorrow's important USDA numbers, it seems that most have already positioned themselves how they want to be and are happy to sit tight. Recent heavy rains in Argentina had the Rosario Grain Exchange saying that "the prospects for the soy crop have significantly improved." More rain in in the forecast for tonight and tomorrow. Estimates for tomorrow's weekly export sales report are 550 and 750 TMT.

Corn: Mar 12 Corn closed at USD6.42 1/2, up 1/4 cent; Dec 12 Corn closed at USD5.73 1/2, down 1 3/4 cents. Funds were said to have sold 3,000 contracts ahead of tomorrow's reports which are expected to show reduced US ending stocks and sharp losses in production in South America. Reports of good soaking rains for Argentina are not widely expected to add too much extra yield to corn where losses are already said to be locked in. It should be of some benefit to later planted corn though. Weekly export sales for tomorrow are expected to be in the region of 800 and 1,300 thousand MT.

Wheat: Mar 12 CBOT Wheat closed at USD6.60 3/4, down 1 1/2 cents; Mar 12 KCBT Wheat closed at USD7.10, down 2 cents; Mar 12 MGEX Wheat closed at USD8.41 1/2, up 3 cents. Tomorrow's USDA report is not thought likely to throw up too many surprises for wheat, with US ending stocks seen reduced slightly from last month's 870 million bushels. World carryout is also forecast to decline a little from 210 MMT. Tomorrow's weekly export sales report will be of interest, with the trade predicting sales of 450 and 700 thousand MT. Who bought will merit a look with reports of recent sales to Spain. Weekly shipments will also catch my eye as these have been floundering in the past 3-4 months.