CBOT Closing Comments


September corn closed down 3 1/2 cents at $3.54 1/2 per bushel, and December corn ended down 3 1/4 cents at $3.65 3/4. Above normal temperatures are forecast to dominate the Midwest and Eastern Corn Belt from August 9 to the 17th giving needed growing degree days to the corn crop. This should be favourable for crop development. Private exporters reported to the USDA the sale of 118,000 MT of corn to South Korea for the 2009/10 marketing year.


September soybeans closed down 5 cents at $10.83 1/2 a bushel, and November soybeans ended up 1 cent at $10.31 1/2. Yesterday’s crop progress report listed 76% of the soybean crop in the bloom stage which is the same as last year but behind the 5 year average by 10%. Soybean pod setting is at 36% as of August 2nd, at the same rate as last year but 18% behind the 5 year average.


Wheat ended down 7 cents at $5.42 1/4 a bushel. Spring wheat is 98% headed as of August 2nd. Spring wheat is 3% harvested compared to 5% last year and 15% for the five year average. The spring wheat crop is rated 6% poor to very poor and 71% good to excellent. This compares to last weeks 7% poor to very poor and 74% good to excellent. Winter wheat is 85% harvested, in line with last year.