CBOT Close
13/10/10 -- Soybeans
November soybeans closed at USD11.76 1/2, down 2 cents; October soybean meal closed at USD325.20, down USD4.20; October soybean oil closed at 47.22, up 68 points. Forecast rains for South America over the next couple of days, particularly with heavier rains forecast for next week in Brazil prompted soybean selling. Private exporters reported the sale of 297,500 MT of soybeans to China for 2010/11 delivery. Weekly export sales announcements will be Friday instead of Thursday because of Monday’s holiday.
Corn
December corn closed at USD5.69 1/4, down 9 3/4 cents; March corn closed at USD5.80 1/4, down 8 1/2 cents; May corn closed at USD5.85 1/4, down 8 1/4 cents. The EPA officially announced the approval of E15 ethanol, but only for newer model cars from 2007 onwards. However, with crude oil at USD82/barrel, the immediate imapct is likely to be negligible as far as fresh corn demand is concerned.
Wheat
December CBOT wheat closed at USD7.02 3/4, down 7 1/4 cents; December KCBT wheat closed at USD7.43, down 8 cents; December MGEX wheat closed at USD7.51, down 3 1/4 cents. Private exporters reported the sale of 100,000 MT of HRW wheat to Iraq and 220,000 MT to Egypt yesterday. Despite media rhetoric that wheat stocks are running low, last week's ESDA numbers in fact pointed to US wheat ending stocks at the second highest levels in the last ten years.
November soybeans closed at USD11.76 1/2, down 2 cents; October soybean meal closed at USD325.20, down USD4.20; October soybean oil closed at 47.22, up 68 points. Forecast rains for South America over the next couple of days, particularly with heavier rains forecast for next week in Brazil prompted soybean selling. Private exporters reported the sale of 297,500 MT of soybeans to China for 2010/11 delivery. Weekly export sales announcements will be Friday instead of Thursday because of Monday’s holiday.
Corn
December corn closed at USD5.69 1/4, down 9 3/4 cents; March corn closed at USD5.80 1/4, down 8 1/2 cents; May corn closed at USD5.85 1/4, down 8 1/4 cents. The EPA officially announced the approval of E15 ethanol, but only for newer model cars from 2007 onwards. However, with crude oil at USD82/barrel, the immediate imapct is likely to be negligible as far as fresh corn demand is concerned.
Wheat
December CBOT wheat closed at USD7.02 3/4, down 7 1/4 cents; December KCBT wheat closed at USD7.43, down 8 cents; December MGEX wheat closed at USD7.51, down 3 1/4 cents. Private exporters reported the sale of 100,000 MT of HRW wheat to Iraq and 220,000 MT to Egypt yesterday. Despite media rhetoric that wheat stocks are running low, last week's ESDA numbers in fact pointed to US wheat ending stocks at the second highest levels in the last ten years.