Chicago Stumbles In Rosk Off Mode

18/04/12 -- Soybeans: May 12 Soybeans closed at USD14.07 3/4, down 18 cents; Nov 12 Soybeans closed at USD13.37 3/4, down 17 3/4 cents; May 12 Soybean Meal closed at USD390.60, down USD3.20; May 12 Soybean Oil closed at 55.19, down 57 points. Funds sold an estimated 6,000 soybean contracts on the day along with 3,000 meal and 4,000 oil in risk off mode. Even the sale of 120,000 MT of new crop beans to China was unable to stop the rot. Trade estimates for tomorrow’s weekly export sales report range from 750,000 – 1,100,000 MT.

Corn: May 12 Corn closed at USD6.01 3/4, down 15 cents; Dec 12 Corn closed at USD5.28 3/4, down 1 cent. Funds were said to have sold 20,000 corn contracts on the day, mostly old crop by the look of it - the May/Dec spread has narrowed from USD1.03 3/4 at the end of March to 73 cents today. Yesterday's planting progress figure of 17%, whilst historically high, was below the 20% or even 25% done estimates that the trade was suggesting. Trade estimates for tomorrow’s export sales report range from 600-950,000 MT.

Wheat: May 12 CBOT Wheat closed at USD6.10 3/4, down 4 3/4 cents; May 12 KCBT Wheat closed at USD6.26, down 6 cents; May 12 MGEX Wheat closed at USD8.00, down 8 1/2 cents. Funds were thought to have added another 3,000 Chicago wheat contracts to their already sizable short position on the day. That would place them as having sold around 10-12,000 on the week so far. The rapid pace of spring plantings weighed on Minneapolis wheat. Trade estimates for tomorrow’s export sales report range from 450-650,000 MT.