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Corn, soybeans close narrowly mixed

Soybeans were mixed, mostly weak, on consolidation and the sharply lower crude oil. Contracts were due for a bounce after recent losses but there’s no real fresh news one way or the other. USDA reports 76% of soybeans are dropping leaves, compared to 87% last year and 83% on average, while 19% is harvested, compared to 34% last year and 25% on average with 54% of the crop rated good to excellent, up 1% on the week. Via Dow Jones Newswires, FC Stone sees the 2011 U.S. soybean crop at 3.157 billion bushels with an average yield of 42.8 bushels per acre. Soybean meal and oil were lower on demand uncertainties and the dollar. Brazil’s Foreign Trade Ministry states September soybean exports were 2.8 million tons, down on the month but up on the year.

Corn was mixed, mostly firm, on consolidation and oversold signals. Still, USDA’s quarterly stocks number was a big surprise and export demand remains slow. According to the Ag Department, 79% of corn is mature, compared to 92% last year and 78% on average with 21% harvested, compared to 37% last year and 23% on average, and 52% of corn is in good to excellent shape, unchanged from last week. The latest crop estimate, from FC Stone, via Dow Jones Newswires, has 2011 U.S. corn at 12.553 billion bushels with an average yield of 148.7 bushels per acre. Ethanol futures were mixed.

The wheat complex was mixed. Chicago was up, seeing a short covering and oversold bounce. Kansas City was mixed in consolidation trade and Minneapolis was lower on a lack of fresh news and the higher trade in the dollar. USDA states 42% of the winter wheat crop planted, compared to 52% last year and 53% on average and 16% has emerged, compared to 21% last year and 23% on average. At least statistically, the spring wheat harvest is over but USDA will be resurveying producers in a few key states and if the numbers change, USDA may release an update November 9. European wheat was up on an oversold bounce after moving near a one year low. Kazakhstan’s Ag Ministry reports 86.8% of the total expected area is harvested with the running total at 22.7 million tons.

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