Chicago Closing Comments

Posted by Nogger - a legend in his own mind at 08:38 | Categorized as

09/12/10 -- Soybeans

Jan CBOT soybeans ended 14 1/2c lower at USD12.81 1/2c; Dec soymeal finished USD5.50 lower at USD339.90; Dec soyoil was down just one point to 53.79. Profit-taking ahead of tomorrow's USDA report was the name of the game. Brazilian crop production estimates are starting to shrink a little with ABOIVE estimating the crop at 67.2 MMT, down from the previous estimate of 67.9 MMT and below last year's 68.7 MMT. Weekly export sales were bang in the middle of trade ideas at 870,800 MT.

Corn

Dec 10 corn ended at USD5.60 1/4, up 3/4 of a cent; Mar 11 corn closed at USD5.72 1/4, down a 1/4 cent. There was not a lot doing for corn today. Both the US dollar and crude oil showed little change. Israeli buyers bought 60,000 MT of US corn in a private tender. Tomorrow's USDA report is expected to show US ending stocks for 2010/11 declining as demand from ethanol refiners remains strong. Weekly export sales were in line with expectations at 807,500 MT.

Wheat

Dec 10 CBOT wheat finished at USD7.48 1/4, up 6 1/4 cent; Dec 10 KCBT Wheat was at USD8.34 1/4, up 7 cents; Dec 10 MGEX wheat closed at USD8.54, up 11 1/4 cents. It was another day of the same old story. Quality wheat stocks are in decline as the Australian crop drowns and the gap between Chicago and the other two US exchanges continues to widen to multi-year highs. The market shrugged off the US losing out in Egypt's latest tender as weekly export sales came in above expectations at 726,500 MT, including private sales to Egypt.