Chicago Close

05/08/11 -- Soybeans: Aug 11 Soybeans closed at USD13.31 1/2, down 7 3/4 cents; Nov 11 Soybeans closed at USD13.35 1/4, down 3/4 cent; Aug 11 Soybean Meal closed at USD345.20, down USD2.40; Aug 11 Soybean Oil closed at 54.90, down 28 points. On the week overall beans were 22 /34 cents lower, with meal falling USD6.40 and oil down 75 points. Yesterday's global commodity sell-off continued into today, although the market recovered some composure to end off session lows. A better than expected nonfarms payroll increase of 117,000 versus the 85,000 expected saw unemployment fall from 9.2% in June to 9.1% in July. Funds sold an estimated 5,000 bean contracts, 2,000 meal and 3,000 oil lots on the day.

Corn: Sep 11 Corn closed at USD6.93, down 3/4 cent; Dec 11 Corn closed at USD7.03, up 1 1/2 cents. Corn did all of it's gaining at the beginning of the week, closing 27 1/2 cents higher on front month Sept versus last Friday. Funds sold an estimated 5,000 contracts today. A better than expected US jobs number stopped the rot that had set in this afternoon. After the close though news of a US credit rating downgrade by S&P's may get trade off to a shaky start again on Monday. The USDA are out next Thursday with their August US crop production/stocks estimates and world supply and demand reports. For US corn they are expected to drop yields but not into the 150-153bpa region that others in the trade are talking.

Wheat: Sep 11 CBOT Wheat closed at USD6.79, down 2 3/4 cents; Sep 11 KCBT Wheat closed at USD7.80 1/4, up 9 1/4 cents; Sep 11 MGEX Wheat closed at USD8.27 1/2, up 4 1/4 cents. On the week as a whole CBOT wheat was up 6 1/2 cents, with Kansas rising 13 1/4 cents and Minneapolis falling 3 1/4 cents. Funds were said to have sold 3,000 Chicago wheat contracts on the day. Strength in corn has spilled over into wheat this week, adding support. News that Iraq bought 100,000 MT of US wheat in a tender was friendly, although that may have had more to do with politics than price. Normal to below normal temperatures for Nebraska and the states north and east through to August 12th capped gains.