CBOT wheat, corn and soy end up sharply on funds: CHICAGO, Feb 9 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday. NOTE: A recovery in the metals and energy markets led to spillover speculative buying in the CBOT commodity markets.
WHEAT - March up 6-1/2 cents at $3.63-1/4 per bushel, with deferreds up 3 to 7-1/4 cents. Fund buying boosted prices. Market climbed despite bearish USDA stocks data issued on Thursday and Egypt snubbing U.S. wheat in its snap tender. * Funds bought 9,000 lots. Calyon Financial a late buyer of 500 March and FIMAT Futures was a late seller of 2,500 lots of wheat. * USDA left U.S. 2005/06 wheat ending stocks unchanged at 542 million bushels. An average of analysts' estimates was for 536 million. * Egypt bought 240,000 tonnes of wheat from France and Australia. Taiwan late this week bought 72,800 tonnes of U.S. wheat, South Korean flour millers were seeking 25,200 tonnes of U.S. wheat and Japan bought 96,000 tonnes of U.S./Canadian wheat. * USDA's export sales report showed wheat exports last week at 351,200 tonnes, within the range of estimates for 250,000 to 400,000 tonnes. * The European Union said on Thursday it granted export licenses for 177,500 tonnes of free-market wheat, with a maximum refund of 3 euros/tonne, down from 4.92 euros last week. The move should make EU wheat less competitive on the world market, traders said. * Meteorlogix weather on Thursday said there was no precipitation expected in the U.S. Plains hard red winter wheat region over the next five days. Drought continues to stress the HRW crop in the Plains and cut into wheat crop condition ratings. * CBOT increased the minimum margin to trade wheat futures to $608 from $506 starting with the Thursday's night session.
CORN - March up 4-1/4 cents at $2.25-1/2 per bushel, with deferreds up 1-1/4 to 4-1/2 cents. Fund buying and bullish exports lifted prices. Rallied despite reminders of a large 2005/06 U.S. corn end stocks estimate but traders were expecting a big number. Buying scattered among firms. Commercial sales were noted. * Fund buying at 6,000 lots. * USDA said 2005/06 U.S. corn end stocks were 2.401 billion bushels, compared with estimates for 2.301 to 2.426 billion. * Weekly export sales for corn were 1,614,100 tonnes last week, compared with estimates for 900,000 to 1,150,000 tonnes. * USDA on Thursday also confirmed the sale of 126,000 tonnes of U.S. corn to unknown destinations for 05/06 delivery and 22,000 tonnes to unknown for 06/07 delivery. * Some concerns about dryness in Argentine corn belt underpinning prices. Meteorlogix weather on Thursday said it would be hot and dry in Argentina the next five to seven days. In Brazil, the best outlook for rain in the five-to-seven-day period is from Parana northward. Rio Grande do Sul may trend drier during this period but it should not be very hot. * Midwest cash basis bids for corn early Thursday were mostly steady at interior locations and firmer at river terminals, traders said.
SOYBEANS - March up 9-3/4 cents at $5.87-3/4 per bushel, with deferreds up 3-1/2 to 12 cents. Rallied following the recovery in outside commodity markets, including the metals and energies. Prices higher despite a bearish fundamental outlook, with USDA raising its U.S. soy end stocks estimate to a record 555 million bushels in its monthly crop report. Worries about dryness in South America soy regions support. USDA's export sales data somewhat supportive but sales continue to lag a year ago. * Funds bought 5,000 lots. Farmer selling increased during the rally. * USDA said U.S. soy exports last week totaled 518,200 tonnes, above estimates for 250,000 to 400,000 tonnes. * Cash basis bids for soybeans in the Midwest late on Wednesday were firm due to improving export demand but interior bids were mostly unchanged, grain dealers said.
SOYMEAL - March up $1.40 per ton at $181.60, with deferreds up $1.00 to $2.70 per ton. Following soybeans higher. USDA left its U.S. 2005/06 soy end stocks estimate unchanged at 250,000 tons, despite a 10 million bushel drop in the crush. * Funds bought 2,000 to 3,000 lots. * USDA said U.S. soymeal exports last week totaled 133,200 tonnes, above estimates for 50,000 to 125,000 tonnes.
SOYOIL - March up 0.50 cent per lb at 22.65 cents per lb, deferreds up 0.35 to 0.53 cent. Following soybeans. Higher energy markets support. But commercials noted sellers. * Funds bought 4,000 lots. * Weekly export sales were disappointing. USDA said U.S. soyoil exports last week were 600 tonnes, compared with estimates for nil to 10,000 tonnes. * Malaysian palm oil futures closed higher overnight, rebounding amid talk of better exports for the first 10 days of February prompted heavy short covering, traders said.
** Dollar steady vs. yen as BOJ keeps policy unchanged. ** U.S. stocks climb. END
