CBOT Closing Comments - Friday
Soybeans
September soybeans closed at $11.35 ¾, up 21 ½ cents, November at $10.11, up 15 cents. September soybeans gained $1.12 from last Friday’s close. There are legitimate concerns about the development of the upcoming crop due to the tight stocks this year. Strong export demand and concerns over an early frost for a late-planted and late-developing crop remain a worry,
Wheat
September wheat finished at $4.67, down 8 cents. Spring wheat harvesting is severely behind schedule. As of last Sunday only 7% of the North Dakota crop had been harvested compared to 58% last year and a five year average of 62%. North Dakota raises about 50% of the US Hard Red Spring wheat crop.
Corn
September corn closed at $3.21, down 2 cents, and December at $3.29, down ¼ cent. The 6 -10 day weather forecast is for above normal temperatures in the west and cooler than normal in the east separated by normal Midwestern temperatures. Rains are forecast for Northern Plains moving south and east into the Midwest from September 2-6th. The extended weather maps are changing daily. There was lots of rain in many areas of the Midwest this week with cool temperatures.
September soybeans closed at $11.35 ¾, up 21 ½ cents, November at $10.11, up 15 cents. September soybeans gained $1.12 from last Friday’s close. There are legitimate concerns about the development of the upcoming crop due to the tight stocks this year. Strong export demand and concerns over an early frost for a late-planted and late-developing crop remain a worry,
Wheat
September wheat finished at $4.67, down 8 cents. Spring wheat harvesting is severely behind schedule. As of last Sunday only 7% of the North Dakota crop had been harvested compared to 58% last year and a five year average of 62%. North Dakota raises about 50% of the US Hard Red Spring wheat crop.
Corn
September corn closed at $3.21, down 2 cents, and December at $3.29, down ¼ cent. The 6 -10 day weather forecast is for above normal temperatures in the west and cooler than normal in the east separated by normal Midwestern temperatures. Rains are forecast for Northern Plains moving south and east into the Midwest from September 2-6th. The extended weather maps are changing daily. There was lots of rain in many areas of the Midwest this week with cool temperatures.