Chicago Close
31/08/11 -- Soybeans: Sep 11 Soybeans closed at USD14.49, up 1/4 cent; Nov 11 Soybeans closed at USD14.57 1/2, up 1/2 cent; Sep11 Soybean Meal closed at USD380.80, down USD0.30; Sep 11 Soybean Oil closed at 58.55, up 35 points. Whilst there wasn't a lot of change to the nearbys Nov12 beans were 12 1/4 cents higher at USD13.92 as the market appears to want to buy into the longevity of USD14/bu beans. Funds bought an estimated 2,000 bean contracts on the day. Trade estimates for tomorrows weekly export sales report range from 350 to 600 thousand MT.
Corn: Sep 11 Corn closed at USD7.57 1/2, down 6 cents; Dec 11 Corn closed at USD7.67 1/2, down 7 3/4 cents. Funds were given credit for selling 8,000 contracts on the day. Private estimates on potential corn yields are starting to filter through ahead of the USDA's September numbers. Linn Group today pegged this season's crop crop at 12.391 with yields coming in at 149.1bpa. That's a better yield than last weeks Pro Farmer estimate but lower overall production. Trade estimates for tomorrows weekly export sales report range from 400 to 650 thousand MT.
Wheat: Sep 11 CBOT Wheat closed at USD7.45 1/4, down 5 cents; Sep 11 KCBT Wheat closed at USD8.71, up 3 1/2 cents; Sep 11 MGEX Wheat closed at USD9.67, up 26 cents. As you can see Minneapolis wheat led the way again today. There is some rain in the long weekend forecast for Texas and Oklahoma which will be welcomed ahead of winter wheat planting. Rain on the northern Plains however will hamper spring wheat harvest activity. Trade estimates for tomorrows weekly export sales report range from 350 to 550 thousand MT.