CBOT Closing Comments


August soybeans closed at $10.57 ½, up 3 cents, November at $9.16, up 11 cents. Soybeans were lower most of the day and then rallied towards the end of the trading day to close higher on the old crop and lower on the new crop but a dime off the daily lows in November soybeans. Estimates for tomorrow’s weekly export sales report are between 300,000 and 500,000 MT. China continues to attempt to auction off some of it's soybean reserves, so far without success, although this week's auction prices is a little lower than last week's. expect the Chinese to auction 2 MMT of reserve soybeans by the end of September. Estimates for tomorrow’s weekly export sales report are between 300,000 and 500,000 MT.


September corn closed at $3.20 3/4, up ¼ cent, December at $3.28 down, 1 ¾ cents. Small amounts of rain are forecast for the central and eastern grain belt from today to August 3rd along with the Gulf side of Texas. The Southeastern quarter of the US is looking for amounts of 1 to 4 inches with most of the precipitation falling in Arkansas and Mississippi. Recent weather conditions have been optimal for most of the corn producing areas during the pollination period. Tomorrow’s estimates for the USDA weekly export sales report range between 850,000 and 1,200,000 MT. Crude oil pushed to much lower values on a larger than expected stock increase of 5.1 million barrels.


September wheat finished at $5.11 ½, down 4 ¾ cents. Wheat prices finished lower recovering some of the earlier day losses. Below normal temperatures and precipitation are forecast for the Spring wheat areas of Montana, North and South Dakota and Minnesota from now until August 4th. Weather is seen as being largely beneficial for spring wheat development. Recent data from spring wheat crop scouts are showing signs of good yields in the areas surveyed so far. Trade guesses for tomorrow’s weekly export sales report are from 350,000 to 450,000 MT.