CBOT Closing Comments


Corn futures closed slightly higher Monday. The dollar soared and is typically bearish to commodities but corn was supported by frost threats for late next week. Corn had several bearish news items to push it lower, increase in the dollar, no big gains in crude oil contracts, and lowers than expected export inspections for last week but elected not to. Traders may be waiting for USDA?s production report on Friday to be more active to give corn further direction. Corn condition ratings were left unchanged from last week in the good/excellent at 61%. Sep +1c at 5.33


Soybean futures closed modestly higher considering the 70 cent limits. Frost threats may be more bullish for beans rather than corn. Funds bought an estimated 3,000 bean contracts, 1,000 meal, and 2,000 bean oil contracts. USDA left beans unchanged from last week in the good/excellent rating of 57% with large declines in Ohio. Export inspections by USDA for last week were well below estimates of 6-11 million bushels at 1.407 million bushels. Very light delivers against the nearby contract was also supportive. Sep +14c at 11.94; Meal -6.4 334.60; BO +35 at 48.53


Wheat futures closed mixed with CBOT and KC posting losses and MPLS unchanged in the nearby contract. Funds sold an estimated 2,000 CBOT contracts as large global production continues to weigh in on prices. Export inspections last week totaled 21.407 million bushels and were inside of trade guess. Iraq continues to be a visible wheat buyer, issuing for another tender of 50,000 tonnes. Australia received beneficial rains over the weekend aiding that crop. Romania harvested their largest crop in 4 years of 7.75 million tonnes. Recent rains throughout much of the plains are beneficial for planted winter wheat. Sep CHI -7 at 7.22; KC -10 at 7.62; MPLS UNCH 8.03