Chicago Close

Posted by Nogger - a legend in his own mind at 22:43 | Categorized as

07/07/11 -- Soybeans: Jul 11 soybeans closed at USD13.46 1/4, up 15 1/4 cents; Nov 11 soybeans closed at USD13.38 1/4, up 19 3/4 cents; Jul 11 soybean meal closed at USD343.10, up USD1.40; Jul 11 soybean oil closed at 56.40, up 113 points. Trade estimates for tomorrow's one day delayed weekly export sales report range from 400 to 700 thousand MT. Crude was almost USD2/barrel firmer, which added support.

Corn: Jul 11 corn closed at USD6.52, up 3 1/4 cents; Dec 11 Corn closed at USD6.16 1/4, up 7 3/4 cents. The USDA confirmed that China bought 540,000 MT of old crop corn and that there was also the sale of 300,000 MT of new crop corn to "unknown" today. Funds bought an estimated 7,000 contracts on the day. Trade estimates for tomorrows USDA weekly export sales report range from 700 to 1300 thousand MT.

Wheat: Jul 11 CBOT wheat closed at USD6.25, up 13 3/4 cents; Jul 11 KCBT wheat closed at USD7.00 1/2, down 8 1/4 cents; Jul 11 MGEX wheat closed at USD8.52, down 11 3/4 cents. Egypt bought 180,000 MT of Russian wheat, finding that US wheat was way too expensive. Russia also picked up a 150,000 MT Jordanian order yesterday, indicating that French/US wheat is way overpriced. The question now is do they do something about it or remain proud of the market.