Chicago Closing Comments

Posted by Nogger - a legend in his own mind at 22:33 | Categorized as

01/11/10 -- Soybeans

Nov 10 soybeans closed at USD12.25 1/4, down 3/4 cent; Dec 10 soybean meal closed at USD337.80, up USD0.10; Dec 10 soybean oil closed at 49.75, up 45 points. The USDA’s crop progress report showed soybeans harvested at 96%, up 5 points and 17 points ahead of the 5 year average. The Buenos Aires Grains Exchange report Argentine plantings ahead of normal at 13.5% complete. FC Stone estimates a US soybean yield of 44.9 bpa, 0.5 bpa ahead of the USDA.

Corn

Dec 10 corn closed at USD5.77 1/4, down 4 3/4 cents; Mar 11 corn closed at USD5.90 1/2, down 4 1/2 cents. FC Stone estimate a US corn yield of 154.1 bpa, 1.7 bpa lower than the USDA’s October number of 155.8 bpa. The USDA’s crop progress report showed corn harvesting at 91% complete, up 8 points from last week and 30 points ahead of the 5 year average. The Buenos Aires Grains Exchange report corn plantings at 69% done, up on last year.

Wheat

Dec 10 CBOT wheat closed at USD7.02 1/2, down 14 3/4 cents; Dec 10 KCBT wheat closed at USD7.54 1/4, down 16 3/4 cents; Dec 10 MGEX wheat closed at USD7.66 3/4, down 10 cents. "The next rain event arrives eight days from now for the East, and after a very dry October, the largest winter wheat producing state of all, Kansas, will have to wait two more weeks to see theirs," say QT Weather. USDA’s crop progress report showed winter wheat planted at 92%, good/excellent conditions fell one point to 46%.