CBOT Closing Comments
Soybeans
August soybeans closed at $10.18 ½, up 4 cents, whilst November soybeans finished at $9.08, up 3 cents. The market seems in limbo at the moment, unsure of where to head next. US weather is pretty good, but unusually cool temperatures mean that crop maturity is at least a couple of weeks behind schedule. This could cause a variety of problems in a month or two. China is to attempt to auction off half a million tonnes of beans tomorrow, I don't see it being over-subscribed. Export sales estimates for tomorrow’s weekly USDA report range from 450,000 to 650,000 bushels.
Corn
September corn at $3.08 closed down 3 ½ cents, December ended at $3.19 ¼, down 2 ¾ cents. As with beans US weather is not harming the crop at the moment, there is no heat stress and things are progressing just nicely. If a little slowly. It is that slowness in maturity that may cause a problem later on, but for now the outlook seems lower. Private analysts peg US yields significantly higher than the current USDA projection of 153.4 bushels/acre. Export estimates for tomorrow’s weekly USDA export sales report range between 800,000 and 1,200,000 bushels.
Wheat
September wheat closed at $5.22, down 12 ¾ cents. At least that was well off the early session low of $5.13 ¼ cents, apart from that there is very little positive news to relate. The northern hemisphere is in the midst of harvesting. Meanwhile large global old crop stocks and a lack of consumer buying are amongst the other popular rhetoric being thrown around. The US may also soon introduce stricter controls over speculators activity in the wheat market, effectively restricting the size of open positions that they may hold. That also added a negative tone. Export sales estimates for tomorrow’s weekly USDA report range from 300,000 to 500,000 MT.
August soybeans closed at $10.18 ½, up 4 cents, whilst November soybeans finished at $9.08, up 3 cents. The market seems in limbo at the moment, unsure of where to head next. US weather is pretty good, but unusually cool temperatures mean that crop maturity is at least a couple of weeks behind schedule. This could cause a variety of problems in a month or two. China is to attempt to auction off half a million tonnes of beans tomorrow, I don't see it being over-subscribed. Export sales estimates for tomorrow’s weekly USDA report range from 450,000 to 650,000 bushels.
Corn
September corn at $3.08 closed down 3 ½ cents, December ended at $3.19 ¼, down 2 ¾ cents. As with beans US weather is not harming the crop at the moment, there is no heat stress and things are progressing just nicely. If a little slowly. It is that slowness in maturity that may cause a problem later on, but for now the outlook seems lower. Private analysts peg US yields significantly higher than the current USDA projection of 153.4 bushels/acre. Export estimates for tomorrow’s weekly USDA export sales report range between 800,000 and 1,200,000 bushels.
Wheat
September wheat closed at $5.22, down 12 ¾ cents. At least that was well off the early session low of $5.13 ¼ cents, apart from that there is very little positive news to relate. The northern hemisphere is in the midst of harvesting. Meanwhile large global old crop stocks and a lack of consumer buying are amongst the other popular rhetoric being thrown around. The US may also soon introduce stricter controls over speculators activity in the wheat market, effectively restricting the size of open positions that they may hold. That also added a negative tone. Export sales estimates for tomorrow’s weekly USDA report range from 300,000 to 500,000 MT.