Chicago Close - Thursday

14/06/12 -- Soybeans: Jul 12 Soybeans closed at USD13.86, down 22 1/4 cents; Nov 12 Soybeans closed at USD13.08 3/4, down 11 cents; Jul 12 Soybean Meal closed at USD416.50, down USD5.50; Jul 12 Soybean Oil closed at 48.00, down 110 points. Beans fell back on fund long liquidation ahead of the Greek elections this weekend, they were estimated as being net sellers of around 6,000 soybean contracts on the day. Weekly soybean export sales were strong at 425,100 MT for old crop and 580,000 MT for new crop compared to the combined 500-750 TMT expected. The NOPA May US soybean crush came in at 138.27 million bushels versus 134.7 million in April and 120.3 million in May 2011.

Corn: Jul 12 Corn closed at USD6.01 1/2, up 9 cents; Dec 12 Corn closed at USD5.16, up 5 1/2 cents. Funds were said to have been net buyers of around 10,000 corn contracts on the day. Yet weekly export sales were very poor at 92,100 MT of old crop - a marketing-year low - and 77,700 MT of new crop versus trade ideas of combined sales of 400-600 TMT. Weather forecasts for the week ahead are conflicting, with some offering good rainfall chances, particularly in the western Corn Belt. Others are concentrating on a drier outlook for the west. Domestic corn demand remains strong - this week’s ethanol production was a four month high.

Wheat: Jul 12 CBOT Wheat closed at USD6.23 1/2, up 7 1/2 cents; Jul 12 KCBT Wheat closed at USD6.46, up 5 1/2 cents; Jul 12 MGEX Wheat closed at USD7.94 1/4, up 20 3/4 cents. Wheat weekly export sales were better than expected at 432,900 MT versus forecasts of 250-350 TMT. In addition the USDA also reported the sale of 110,000 MT of wheat to China for 2012/13 delivery under the daily reporting system. Strategie Grains upped their EU-27 2012 soft wheat crop estimate by 1.5 MMT to 124.2 MMT citing "good to very good weather conditions" in western Europe. Decent rains in the northern Plains will favour spring wheat production.