CBOT Closing Comments
Corn
Corn futures traded lower at midday but rallied sharply to mark gains of near 10 cents but that was only short lived and futures closed lower. Outside markets continue to have a large influence on commodities and today was no exception. Crude oil was down hard again today, trading below $60 and the dollar shot higher, both are viewed bearish to commodities. Farmers haven't been able to ramp harvest back up, as unfavourable weather has set in since the beginning of the week. Dec -4 at 3.69.
Soybeans
Soybeans, like corn did post gains on the day but finish with losses in all contracts. Outside markets also weighed in on prices in the soy complex pushing prices lower. Deliveries against November total 424, and the contract is set to expire Friday. Harvest in nearly complete with a few areas left to finish up, however, weather has not been cooperating this week to allow producers to finish up. Nov -22 at 8.85; Dec Meal -3.10 at 266.40; Dec BO -1.15 at 32.58.
Wheat
Wheat futures finished higher Wednesday and CHI lead the way, well at least in the nearby months. Funds were net buyers today and helped underpin the market. S. Korea has reportedly purchased 46,000 metric tonnes of US wheat. US winter wheat crop is having an idea pre winter growth. Adequate moisture and above freezing temperatures is really benefiting that crop. Demand for US wheat is diminishing, as foreign wheat is cheaper. Dec CHI +9 at 5.33; KC +4 at 5.75; MLPS +8 at 6.52.
Corn futures traded lower at midday but rallied sharply to mark gains of near 10 cents but that was only short lived and futures closed lower. Outside markets continue to have a large influence on commodities and today was no exception. Crude oil was down hard again today, trading below $60 and the dollar shot higher, both are viewed bearish to commodities. Farmers haven't been able to ramp harvest back up, as unfavourable weather has set in since the beginning of the week. Dec -4 at 3.69.
Soybeans
Soybeans, like corn did post gains on the day but finish with losses in all contracts. Outside markets also weighed in on prices in the soy complex pushing prices lower. Deliveries against November total 424, and the contract is set to expire Friday. Harvest in nearly complete with a few areas left to finish up, however, weather has not been cooperating this week to allow producers to finish up. Nov -22 at 8.85; Dec Meal -3.10 at 266.40; Dec BO -1.15 at 32.58.
Wheat
Wheat futures finished higher Wednesday and CHI lead the way, well at least in the nearby months. Funds were net buyers today and helped underpin the market. S. Korea has reportedly purchased 46,000 metric tonnes of US wheat. US winter wheat crop is having an idea pre winter growth. Adequate moisture and above freezing temperatures is really benefiting that crop. Demand for US wheat is diminishing, as foreign wheat is cheaper. Dec CHI +9 at 5.33; KC +4 at 5.75; MLPS +8 at 6.52.