CBOT Closing Comments
Soybeans
July soybeans closed at $11.96, up 11 cents, and November soybeans ended at $10.02, down 6 cents. The bullish old-crop, bearish new-crop story continues. The USDA's weekly export sales report was bullish for old-crop beans, confirming the ever-presence of China. For new-crop however, it looks like high bean prices and early wetness in the Midwest will lead to the USDA revising it's plantings estimates up anywhere from 2.5-3.5 million acres next week.
Corn
July corn finished at $3.82 ½, down 4 cents. Weather forecasts this week throughout the Corn Belt are seen as beneficial to crop development, which weighed on futures. Higher crude oil futures and a lower US dollar index lent outside market support. Weekly export sales were pretty strong, which was supportive, as too are ideas that the USDA will cut it's 2009 corn planting estimate by up to 2.5 million acres next week. Firmer crude oil, which popped back up above $70/barrel, also helped corn today.
Wheat
July wheat settled at $5.33, down 6 ¾ cents. Hot and dry conditions forecast over much of the Plains this week is beneficial to the winter wheat harvest, which weighed on futures today. Harvest pressure is also coming from eastern Europe, plus Egypt bought French wheat today in an export tender. Next week's USDA report is anticipated to show spring wheat plantings in the US down by around half a million acres.
July soybeans closed at $11.96, up 11 cents, and November soybeans ended at $10.02, down 6 cents. The bullish old-crop, bearish new-crop story continues. The USDA's weekly export sales report was bullish for old-crop beans, confirming the ever-presence of China. For new-crop however, it looks like high bean prices and early wetness in the Midwest will lead to the USDA revising it's plantings estimates up anywhere from 2.5-3.5 million acres next week.
Corn
July corn finished at $3.82 ½, down 4 cents. Weather forecasts this week throughout the Corn Belt are seen as beneficial to crop development, which weighed on futures. Higher crude oil futures and a lower US dollar index lent outside market support. Weekly export sales were pretty strong, which was supportive, as too are ideas that the USDA will cut it's 2009 corn planting estimate by up to 2.5 million acres next week. Firmer crude oil, which popped back up above $70/barrel, also helped corn today.
Wheat
July wheat settled at $5.33, down 6 ¾ cents. Hot and dry conditions forecast over much of the Plains this week is beneficial to the winter wheat harvest, which weighed on futures today. Harvest pressure is also coming from eastern Europe, plus Egypt bought French wheat today in an export tender. Next week's USDA report is anticipated to show spring wheat plantings in the US down by around half a million acres.