CBOT Closing Comments

Corn

Corn futures closed mixed with nearby contracts slightly lower and deferred contracts slightly higher. USDA inspected 29.132 MB for export sales which were below the average trade estimated of 32 to 37 MB. The nearby December CBOT corn contract RSI is 25, anything below 30 is considered being in oversold territory. USDA also released their crop condition ratings this afternoon after being delayed by the Government holiday yesterday; corn maturity still lags last year at 86% mature vs. 97%. Harvest did jump 7 points to be 21% complete. Crude oil was lower today, dropping below $80/barrel adding pressure to corn futures and limited gains in some contracts. Dec - 1/3 at 4.11 1/4c.

Soybeans

Soybeans finished sharply lower Tuesday giving back almost all gains achieved during Monday�s trade. Bean futures did not receive any support this morning when NOPA crush data was released. NOPA reported that 120.376 MB were crushed during the month of September which was below the trade estimate of 122 MB. USDA inspected 13.237 million bushels for exports which was slightly above some trade estimates. Soybean harvest improved to 51% complete up from last week�s status of only 31% but harvest still lags the 5 yr average harvest rate of 61%. Scattered rains that fell over much of the CB this weekend and early this week may delay harvest even further. Both Oct meal and soybean oil contracts expired today, the December contract will now move into the front spot. Nov -32 at 8.96; Oct Meal +2.40 at 254.50; Oct BO -50 at 38.40.

Wheat

Wheat futures skidded lower at all three exchanged when the final bell rang on Tuesday. Wheat futures continue to be pressured by the fact that the world should harvest a record crop for 2008/09. USDA reported export inspections for last week at 22.056 million bushels and was inside trade estimates. Argentina has caught some beneficial rains over the past couple of days but Australia remains dry and in dire need of some moisture to harvest a trend line crop. USDA reported winter wheat plantings 73% complete with is ahead of 2007 and on par with the 5 year average. Winter wheat emerging is also ahead of last years pace at 46% vs. 39%. Dec CHI -15 1/2c at 5.73; KC -14 1/4c at 6.13; MLPS -9 1/4c at 6.53 3/4c.