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Beans close up on crop estimate drop

Updated: 11/11/2010 @ 2:16pm

CHICAGO, Illinois (Agriculture.com)--After a private firm dropped 2011 soybean acreage estimate, next year's CME Group futures contracts jumped Thursday. On the flip side of those estimates was a bearish corn acreage figure.

The Dec corn futures settled 2 3/4 cents lower at $5.64. The Jan. soybean contract closed 19 1/2 cents higher at $13.39. The Dec. wheat futures ended 6 cents lower at $7.04.  The Jan. soymeal futures contract closed $2.70 higher at $360.10 per short ton. The Jan. soyoil futures contract settled $1.10 higher at $55.35.

In the outside markets, the NYMEX crude oil is $0.08 per barrel lower, the dollar is higher, and the Dow Jones Industrials are down 79 points.

Informa, a private analytical firm, released Thursday a statement estimating the U.S. 2011 corn acres in 2011 at 93.1 million vs. the USDA's 88.2. That's over a 5.0% increase. Also, the firm says the U.S. farmers will plant 2.5% less soybeans in 2011, 75.8 million vs. the USDA's latest estimate of 77.7 million. This pushed up the 2011 soybean contracts by 20¢.

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