CBOT Closing Comments
Soybeans
About to expire August soybeans closed at $11.00, down 87 ¼ cents. and November closed at $9.81 ½, down 37 ¼ cents. A sharp rise in the US dollar index and sharply lower crude oil futures weighed on the soy complex. Lower than expected monthly crush numbers added pressure to the soy complex. Weather forecasts for next week over much of the Midwest will see a continuation of beneficial crop development conditions, which also pressured soy futures.
Corn
September corn finished at $3.19 ¼, down 5 ¼ cents, and December corn finished at $3.27 ¾, down 4 ¼ cents. A $3 plus decline in crude oil futures and a sharply higher US dollar index weighed on corn. Spillover sell off in the soy complex pressured corn as well. Weather forecasts for next week look favourable, whilst large production estimates from the USDA also limit upside potential.
Wheat
September wheat settled at $4.81 ¾, up ¼ cent. Wheat started it's downwards slide much earlier than beans and corn, so should hopefully emerge out of the other side of it that much earlier too. Though weather forecasts over much of the northern Plains for the next several days are seen as unfavourable to maturing spring wheat crops and inhibiting early harvest, larger than expected USDA spring wheat production estimates weighed on Minneapolis contracts.
About to expire August soybeans closed at $11.00, down 87 ¼ cents. and November closed at $9.81 ½, down 37 ¼ cents. A sharp rise in the US dollar index and sharply lower crude oil futures weighed on the soy complex. Lower than expected monthly crush numbers added pressure to the soy complex. Weather forecasts for next week over much of the Midwest will see a continuation of beneficial crop development conditions, which also pressured soy futures.
Corn
September corn finished at $3.19 ¼, down 5 ¼ cents, and December corn finished at $3.27 ¾, down 4 ¼ cents. A $3 plus decline in crude oil futures and a sharply higher US dollar index weighed on corn. Spillover sell off in the soy complex pressured corn as well. Weather forecasts for next week look favourable, whilst large production estimates from the USDA also limit upside potential.
Wheat
September wheat settled at $4.81 ¾, up ¼ cent. Wheat started it's downwards slide much earlier than beans and corn, so should hopefully emerge out of the other side of it that much earlier too. Though weather forecasts over much of the northern Plains for the next several days are seen as unfavourable to maturing spring wheat crops and inhibiting early harvest, larger than expected USDA spring wheat production estimates weighed on Minneapolis contracts.