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Posted by Nogger - a legend in his own mind at 23:11 | Categorized as

08/11/10 -- Soybeans

Nov 10 soybeans closed at USD12.64 1/2, down 9 cents; Dec 10soybean meal closed at USD44.90, down USD3.10; Dec 10 soybean oil closed at 52.01, down 21 points. Soybeans settled lower on profit taking prior to tomorrow's USDA reports, after hitting the highest levels since June 2009 on Friday. The USDA export inspections report showed a very respectable 56.9 million bushels inspected for export for the week ending 4/11. The USDA announced 300,000 MT of soybeans sold to China split 120,000 mt for 10/11 and 180,000 mt for 11/12 delivery.

Corn

Dec 10 Corn closed at USD5.85 1/4, down 2 1/2 cents; Mar 11 corn closed at USD5.99 1/4, down 2 1/2 cents. For tomorrow's USDA report analysts are looking for corn ending stocks to decline to 845 million bushels from 902 million on the last report. Production is pegged at 12.542 billion bushels compared to the USDA October number of 12.664 billion bushels. The USDA export inspections report showed only 24.890 million bushels inspected for export for the week ending 4/11. The USDA's crop progress report showed corn harvested at 96%, up 5 points from last week and 23 points ahead of the 5 year average.

Wheat

Dec 10 CBOT wheat closed at USD7.36 1/4, up 7 1/2 cents; Dec 10 KCBT wheat closed at USD7.95 1/2, up 9 1/2 cents; Dec 10 MGEX wheat closed at USD8.03 3/4, up 6 3/4 cents. Analysts are not expecting 2010 crop ending stocks to change much in Tuesday's USDA report. The average estimate is for 855 million bushels for all wheat compared to 853 last month. The USDA export inspections report showed a poor 15.539 million bushels inspected for export for the week ending 4/11. USDA's crop progress report showed winter wheat planted at 95%, 3 points ahead of last week and the 5 year average. Good/excellent conditions were only 45%, down a point from last week.