CBOT - A Game Of Two Halves
Soybeans
August soybeans closed at $10.33, up 23 ½ cents, whilst November soybeans finished at $9.23, down ½ cent. August Soybeans gained substantial ground over the new crop months with inspections showing continued Chinese demand for US soybeans on tight US supplies. About half of the soybeans inspected today were for China. Old crop US supplies look set to stay tight, despite the widely publicised sale of beans this week by China to domestic consumers.
Corn
September corn closed at $3.23 ¼, up 1 cent, whilst December finished at $3.33 ¾, up 2 ¼ cents. Weather forecasts call for widespread moisture through out the central and eastern United States. Amounts are predicted to range from ½ inch to an inch, with many isolated locations receiving 1 ½ to 2 inches over the next five days. Heat in the southwest, moving into the Rockies will be above normal but temperatures Nebraska east are forecast to be below normal over the next five days. Mexico and Egypt bought corn overnight.
Wheat
September wheat closed at $5.42 ¼, up ½ cent. The US winter wheat harvest is well advanced, and the combines are now rolling in Europe and the FSU. Production problems still exist however in Canada, Argentina and elsewhere. Whilst US weather is fine for corn an beans, wet conditions are less than ideal for winter wheat harvesting, and may also lead to quality problems.
August soybeans closed at $10.33, up 23 ½ cents, whilst November soybeans finished at $9.23, down ½ cent. August Soybeans gained substantial ground over the new crop months with inspections showing continued Chinese demand for US soybeans on tight US supplies. About half of the soybeans inspected today were for China. Old crop US supplies look set to stay tight, despite the widely publicised sale of beans this week by China to domestic consumers.
Corn
September corn closed at $3.23 ¼, up 1 cent, whilst December finished at $3.33 ¾, up 2 ¼ cents. Weather forecasts call for widespread moisture through out the central and eastern United States. Amounts are predicted to range from ½ inch to an inch, with many isolated locations receiving 1 ½ to 2 inches over the next five days. Heat in the southwest, moving into the Rockies will be above normal but temperatures Nebraska east are forecast to be below normal over the next five days. Mexico and Egypt bought corn overnight.
Wheat
September wheat closed at $5.42 ¼, up ½ cent. The US winter wheat harvest is well advanced, and the combines are now rolling in Europe and the FSU. Production problems still exist however in Canada, Argentina and elsewhere. Whilst US weather is fine for corn an beans, wet conditions are less than ideal for winter wheat harvesting, and may also lead to quality problems.