CBOT Closing Comments

Corn

Corn futures ended Wednesday moderately lower as disappointing export sales and weakness in crude oil weighed in. CBOT corn futures were pushed lower on some end of the month profit taking and short covering as funds were quoted selling 8,000 contracts. USDA released disappointing export sales for last week at 413,000 metric tonnes which sharply below the trade guess at 700,000 to 900,000 MT. Taiwan issued a tender for 23,000 tonnes of US origin corn. Much improved weather over the past few days has allowed harvest to ramp back up. Crude oil was off about $2 when the grains closed down to $65 per barrel. Dec -11 at 4.09.

Soybeans

Soybeans bounced off of their lows but still finish slightly lower. Funds were net sellers of only 1,000 bean, 500 meal, and 1,000 bean oil contracts at CBOT. Soybeans received some bullish new from USDA when they announced that 1.457 million metric tonnes were sold for export last week, that total was well above trade guesses up 800,000 to 1,000,000 MT. Technical indicators suggest beans are in a sideways trade and considered in neutral territory. Taiwan issued a tender for 12,000 metric tonnes of US soybeans. Weather is aiding bean harvest as well but harvest rate still lags 5 year average. Tomorrow marks the First Notice day for deliveries against that nearby November contract. Nov -3 at 9.34; Dec Meal +3.00 at 283.30; Dec BO +15 at 34.48.

Wheat

Wheat futures were unsuccessful in attempting to bounce higher or at least off of their lows like corn and soybeans. Funds were net sellers of an estimated 3,000 CBOT contracts which put pressure on CHI futures. USDA reported 496,000 tonnes were sold last week for export, totals were within trade estimates. IGC bumps world production up 7 million tonnes to 683 MMT, for a record crop. Wheat futures have not been able to shrug that bearish fundamental for nearly 2 months. Weather is reportedly improving in key southern hemisphere regions. Major importers continue to bypass US wheat, building US stocks, feed use should be dramatically down as corn has fallen nearly 50% from the highs this summer. Dec CHI -23 at 5.38; KC -24 at 5.73; MLPS -14 at 6.47.