CBOT Closing Comments
Soybeans
September beans closed at $10.80, up 57 cents, with November at $10.07 ½, up 34 ½ cents. A generally more optimistic tone, fed by Ben Bernanke's comments late Friday helped the entire complex today. There is also a growing realisation that South America are out of the market, Celeres say that 90% of the Brazilian crop is already sold, and as we all know Argentina had a disaster. Although US weather conditions are non-threatening at the moment, an early frost on a late planted, slowly developing crop is a real concern. As of August 13th, outstanding sales to China for the 2008/09 marketing year were at 1,517,000 MT, and the marketing year ends in 10 days.
Corn
September corn closed at $3.29 ½, up 7 ¾ cents, with December at $3.35 ½, up 9 ¼ cents. Rain amounts of an inch to two inches are forecast for Kansas, southern Nebraska and Iowa and northern Missouri over the next five days. Rain amounts return to normal for those areas after August 29th. Record yield potential exists for corn if frost stays away. Sharply higher beans lent some spillover support. Spec funds added 13,941 contracts to their short positions last week, according to CFTC data.
Wheat
September wheat closed at $4.71 ¾, up 11 ½ cents. winter wheat is nearly complete. Indiana and Montana are still significantly behind the five year average and Montana is behind last year and the five year average. Spring wheat harvest is also lagging. Spec funds were short 57,636 contracts as of Aug. 18, up from 54,196 contracts a week earlier, according to CFTC data released Friday. Those funds bought in an estimated 4,000 of those short contracts today.
September beans closed at $10.80, up 57 cents, with November at $10.07 ½, up 34 ½ cents. A generally more optimistic tone, fed by Ben Bernanke's comments late Friday helped the entire complex today. There is also a growing realisation that South America are out of the market, Celeres say that 90% of the Brazilian crop is already sold, and as we all know Argentina had a disaster. Although US weather conditions are non-threatening at the moment, an early frost on a late planted, slowly developing crop is a real concern. As of August 13th, outstanding sales to China for the 2008/09 marketing year were at 1,517,000 MT, and the marketing year ends in 10 days.
Corn
September corn closed at $3.29 ½, up 7 ¾ cents, with December at $3.35 ½, up 9 ¼ cents. Rain amounts of an inch to two inches are forecast for Kansas, southern Nebraska and Iowa and northern Missouri over the next five days. Rain amounts return to normal for those areas after August 29th. Record yield potential exists for corn if frost stays away. Sharply higher beans lent some spillover support. Spec funds added 13,941 contracts to their short positions last week, according to CFTC data.
Wheat
September wheat closed at $4.71 ¾, up 11 ½ cents. winter wheat is nearly complete. Indiana and Montana are still significantly behind the five year average and Montana is behind last year and the five year average. Spring wheat harvest is also lagging. Spec funds were short 57,636 contracts as of Aug. 18, up from 54,196 contracts a week earlier, according to CFTC data released Friday. Those funds bought in an estimated 4,000 of those short contracts today.