Chicago Close - Easter Monday

Posted by Nogger - a legend in his own mind at 09:15 | Categorized as

09/04/12 -- Soybeans: May 12 Soybeans closed at USD14.31, down 3 cents; Nov 12 Soybeans closed at USD13.82, up 1/2 cent; May 12 Soybean Meal closed at USD388.80, down USD3.10; May 12 Soybean Oil closed at 56.71, up 7 points. Beans were mostly a little lower in a bit of consolidation ahead of Tuesday's USDA report. Funds sold an estimated 4,000 soybean contracts on the day in light profit-taking. US 2011/12 soybean ending stocks are seen falling to 246 million bushels from 275 million last month in tomorrow's report. South American production numbers will also be under the microscope with Brazilian soybean output estimated at around 67.0-67.5 MMT and Argentine production of around 45.0-45.5 MMT.

Corn: May 12 Corn closed at USD6.49, down 9 1/4 cents; Dec 12 Corn closed at USD5.50 1/4, unchanged. Funds were said to have sold around 10,000 contracts on the day in nervousness ahead of tomorrow's USDA report. US corn ending stocks are seen falling to around 720 million bushels from 801 million last month in tomorrow's report. Benign weather conditions across much of the Midwest sees 7% of the corn crop planted as of Sunday versus 3% last week and 2% normally. There is widespread talk of some farmers switching around 25% of their intended corn acreage into soybeans given recent price movements since the USFA formulated their estimates on Mar 1st.

Wheat: May 12 CBOT Wheat closed at USD6.43, up 4 1/2 cents; May 12 KCBT Wheat closed at USD6.60, down 2 cents; May 12 MGEX Wheat closed at USD8.47, up 1 cent. Unlike soybeans and corn, funds are short Chicago wheat so profit-taking ahead of tomorrow's USDA report consisted of light buying. US wheat ending stocks are seen falling to 792 million bushels from 825 million last month in tomorrow's report. World stocks are expected to be around 208.6 MMT, almost 1 MMT down on last month. After the close the USDA said that spring wheat plantings in the US shot up from 8% done to 21% complete as of Sunday. That's well ahead of only 3% done this time last year. Good/excellent winter wheat conditions improved from 58% to 61%, again well ahead of the 36% this time a year ago.