CBOT Closing Comments
Corn
Corn futures were initially under heavy selling pressure but did cut losses in about half with a rally at the close. Several deferred months lost double digits. Funds were thought to be large net sellers. Crude oil was off $3/barrel for most of the trading hours and the dollar soared higher and then retreated but did mark a high of 87.27. Harvest is lagging from previous paces, and is being slowed again early this week due to snow/freezing rain and other precipitation is much of the Corn Belt. Dec -9 at 3.74.
Soybeans
Soybeans lost more than 30 cents in every contract that traded Tuesday. The nearby November contract is set to expire this Friday. Weakness in crude oil and strength in the US dollar ran the show in most commodities today, pressuring prices sharply lower. USDA indicated that soybean harvest is almost complete and the rate is steady with prior years. Deliveries against the Nov contracts were 70. Meal and bean oil were pushed lower from soybeans and lower crude oil. Nov -32 at 9.08; Dec Meal -5.80 at 269.50; Dec BO -1.65 at 33.73.
Wheat
Wheat futures traded lower for there better part of Tuesday but rallied near the close to finish higher on the day at all three wheat exchanges. No major production threats for next year's US winter wheat and the burden of a record global crop kept a lid on the short covering and spreading rally. Outside markets and other CBOT grains also limited gains in most wheat futures. Dec CHI +3 at 5.23; KC +8 at 5.71; MLPS +4 at 6.44.
Corn futures were initially under heavy selling pressure but did cut losses in about half with a rally at the close. Several deferred months lost double digits. Funds were thought to be large net sellers. Crude oil was off $3/barrel for most of the trading hours and the dollar soared higher and then retreated but did mark a high of 87.27. Harvest is lagging from previous paces, and is being slowed again early this week due to snow/freezing rain and other precipitation is much of the Corn Belt. Dec -9 at 3.74.
Soybeans
Soybeans lost more than 30 cents in every contract that traded Tuesday. The nearby November contract is set to expire this Friday. Weakness in crude oil and strength in the US dollar ran the show in most commodities today, pressuring prices sharply lower. USDA indicated that soybean harvest is almost complete and the rate is steady with prior years. Deliveries against the Nov contracts were 70. Meal and bean oil were pushed lower from soybeans and lower crude oil. Nov -32 at 9.08; Dec Meal -5.80 at 269.50; Dec BO -1.65 at 33.73.
Wheat
Wheat futures traded lower for there better part of Tuesday but rallied near the close to finish higher on the day at all three wheat exchanges. No major production threats for next year's US winter wheat and the burden of a record global crop kept a lid on the short covering and spreading rally. Outside markets and other CBOT grains also limited gains in most wheat futures. Dec CHI +3 at 5.23; KC +8 at 5.71; MLPS +4 at 6.44.