Chicago Close
24/08/11 -- Soybeans: Sep 11 Soybeans closed at USD13.86 1/2, down 3 cents; Nov 11 Soybeans closed at USD13.93 1/2, down 3 3/4 cents; Sep 11 Soybean Meal closed at USD367.00, down USD1.30; Sep 11 Soybean Oil closed at 55.78, up 16 points. Funds sold 5,000 contracts on the day it was estimated on profit-taking from recent rises. Gold fell almost USD100/oz as smart money got out on ideas that maybe QE3 wasn't as much a foregone conclusion on Friday as some expect. Trade estimates for tomorrow's weekly export sales report range from 400 TMT to 1.1 MMT.
Corn: Sep 11 Corn closed at USD7.31 3/4, up 1 1/2 cents; Dec 11 Corn closed at USD7.43, down 1/2 cent. It was another choppy day with funds finally selling an estimated 5,000 contracts on the day. Crude oil traded both sides but finished slightly lower on the day. Trade estimates for tomorrow's weekly export sales report range from 350-700 thousand MT. Widespread trade opinion is that US corn yields will end up lower in 2011 than current USDA estimates.
Wheat: Sep 11 CBOT Wheat closed at USD7.49 1/4, down 8 cents; Sep 11 KCBT Wheat closed at USD8.35, down 6 cents; Sep 11 MGEX Wheat closed at USD9.26, down 24 1/4 cents. The USDA reported the sale of 133,500 MT of HRW wheat to unknown. StatsCanada pegged all wheat production there at 24.1 MMT compared with 23.2 MMT last year, 21.5 MMT from the USDA and higher than the average trade estimate of 23.5 MMT. Trade estimates for tomorrow's weekly export sales report range from 400-950 thousand MT.