CBOT Closing Comments

Corn

Corn futures closed limit down in all contracts Friday. Futures were pushed lower when USDA released a bearish report earlier this morning, corn and other commodities were also pressure by sharp declines in the stock market. USDA increased yield to 154.00 up from 152.3 also increasing total to production 12.2 Billion bushels. Corn ending stocks also increased to 1.154 up from the September number of 1.018. Funds were net sellers of 8,000 CBOT contracts, options that traded indicate prices are valued at least 10 cents less. Trading limits will expand to 45 cents when trading resumes Sunday evening. Dec -30 at 4.08.

Soybeans

Soybeans finished the 70 cent limit lower in all contracts when the final bell rang this afternoon. Funds were net sellers of 3,000 bean contracts, 1,000 meal, and 1,000 bean oil. Limits will expand in soybeans to $1.05, meal to $30/ton, and bean oil up to $3.50. Soybeans received a more bearish report than corn. USDA suggested farmers planted 2.2 million more acres than previously thought, roughly 77 million acres. Ending stocks jumped up from 135mb in September to 220 mb. However, USDA did decrease yield by .5 bu. to 39.5 bu. per acre. Crude oil was off almost $9 per barrel to around $77/barrel, the US Dollar Index is soaring, up more than 1 full point hovering around 82 point mark. Weather is beneficial for harvesting through the weekend but could turn wet at the beginning of next week. Oct meal and bean oil contracts will expire next Tuesday. Nov -70 at 9.10; Oct Meal -19.70 at 251.20; Oct BO -294 at 36.50.

Wheat

Wheat futures closed sharply lower at the three different exchanges today. Concerns about the financial markets and pressure from other commodities weighed in on prices. Funds sold an estimated 4,000 CBOT contracts. Wheat futures did not traded at or near limit as of now, but is being affected by this total melt down in the stock market as well as in commodities as trade volatility has sky rocketed. Investor and trade panic and fear has keyed the much of the volatility. USDA pegged ending stocks at 601 million bushels up from their September estimate of 574 mb. USDA also indicated that all wheat producers will harvest a world record crop of 680.2 million tonnes which is up from 676.3 MT in September. Yemen and Japan were buyers of US wheat, 100,000 tonnes and 51,000 tonnes respectively. Dec CHI -41 at 5.63; KC -33 at 6.05; MLPS -37 at 6.39.