CBOT Closing Comments
Corn
Sep corn closed down 11 3/4 cents at $3.11 1/2 per bushel and Dec corn ended down 11 3/4 cents to $3.22. Last night's crop progress report threw up very few concerns on the surface, however if you look a little bit beyond that silking in Illinois was at 26% compared to 80% for the five year average, and in Indiana at 28% compared to 64% for the five year average. The signs of a very late crop are there for all to see, and the risks from an early freeze obvious.
Soybeans
August soybeans closed down 18 1/4 cents at $10.14 3/4 a bushel, and new-crop November soybeans closed down 17 1/4 cents at $9.05 3/4. In line with the theme of the US crop doing well, but being behind in terms of development Illinois had 24% of the soybean crop blooming compared to the five year average of 69%. Some weather forecasters suggest that the so far benign US weather will turn hot and dry in Aug/Sep.
Wheat
Sep wheat closed down 7 1/2 cents at $5.34 3/4. Egypt bought 60,000 MT of Russian wheat in a tender, seemingly indicating that the recent spat over quality has now been resolved. For the record GASC paid Glencore $178.05 FOB for the Russian wheat. The weather in Europe is less than ideal for harvesting, with large areas of rain affecting crops in France, the UK and Germany.
Sep corn closed down 11 3/4 cents at $3.11 1/2 per bushel and Dec corn ended down 11 3/4 cents to $3.22. Last night's crop progress report threw up very few concerns on the surface, however if you look a little bit beyond that silking in Illinois was at 26% compared to 80% for the five year average, and in Indiana at 28% compared to 64% for the five year average. The signs of a very late crop are there for all to see, and the risks from an early freeze obvious.
Soybeans
August soybeans closed down 18 1/4 cents at $10.14 3/4 a bushel, and new-crop November soybeans closed down 17 1/4 cents at $9.05 3/4. In line with the theme of the US crop doing well, but being behind in terms of development Illinois had 24% of the soybean crop blooming compared to the five year average of 69%. Some weather forecasters suggest that the so far benign US weather will turn hot and dry in Aug/Sep.
Wheat
Sep wheat closed down 7 1/2 cents at $5.34 3/4. Egypt bought 60,000 MT of Russian wheat in a tender, seemingly indicating that the recent spat over quality has now been resolved. For the record GASC paid Glencore $178.05 FOB for the Russian wheat. The weather in Europe is less than ideal for harvesting, with large areas of rain affecting crops in France, the UK and Germany.