CBOT Closing Comments


Corn futures were pretty quiet during trade on Friday as expected ahead of Monday's USDA reports. Almost steady trade was credited to position squaring ahead of the crop production and USDA supply/demand report Monday. Trade is expecting less demand and a slight increase in yield but lower production due to less harvested acres. Crude oil did bounce slightly higher during trade and the dollar dipped giving that scenario price usually move higher in grains but was reluctant today. Harvest weather took a turn for the worse at the tail end of this week and should halt harvest in many regions of the CB till early next week. Dec -2 at 3.75.


Soybeans rallied towards the end of trade to post double digit gains in all contracts that traded Friday. Strength in crude oil and some bullish technicals boosted bean futures higher, and could receive fresh bullish news on Monday to prolong the short term rally. Deliveries were significant Thursday with 735 contracts posted against the Nov contract. Trade is looking for USDA to drop yield slightly in the Monday report but boost production due to with new found bean acres available for harvest. China was a large importer of beans last week helping bean exports stay above water. Nov +12 at 9.11; Dec Meal +8.90 at 271.70; Dec BO -27 at 33.90.


Wheat futures were mixed at the three different exchanges Friday but CHI was marked the only red in nearby Dec month. Wheat futures have been hammered by the realization that the world is on track to harvest the largest crop on record although Australia and Argentina may not participate as heavily as once anticipated. Short covering and weakness in the dollar help support prices lightly. US wheat for export has struggled to due higher currency and cheaper foreign wheat. The US dollar is supportive to grains at midday being off .55 points at 85.75. Crude oil pushed passed the $61/barrel to have gains on the day. Dec CHI -1 at 5.21; KC +5 at 5.68; MLPS +8 at 6.42.