CBOT Closing Comments
Soybeans
It was another 'game of two halves' Tuesday with September beans closing at $10.91, up 11 cents, and November beans at $9.99, down 8 ½ cents. Old crop gained as crop development remains behind schedule, further forward however the prospect of potentially bumper yields weighed on new crop. Crop ratings advanced to their highest levels since 1992 for this time of year in last night's USDA report. China bought 110,000 MT of new crop overnight.
Corn
September ccrn closed at $3.21 ½, down 8 cents, and December at $3.26 ¾, down 8 ¾ cents. A gradual improvement over the past couple of weeks on the crop conditions report supports USDA projections of a bumper corn crop. The US corn rating increased again to 70% good-excellent, 21% fair and 9% poor-very poor, the highest condition report for this date since 2004. Cooler than normal weather is in the forecast through September 9th and could delay crop development in the eastern Corn Belt and/or North Dakota.
Wheat
September wheat finished at $4.71, down ¾ cent. Last night's USDA report showed that the spring wheat harvest is also lagging. The six main spring wheat states are at 22% harvested compared to last year at 58% and the five year average of 66%. Egypt is back in the market for wheat to be delivered the last week of September from optional origin. Japan is tendering for 160,000 MT of wheat of which 97,000 MT is US origin.
It was another 'game of two halves' Tuesday with September beans closing at $10.91, up 11 cents, and November beans at $9.99, down 8 ½ cents. Old crop gained as crop development remains behind schedule, further forward however the prospect of potentially bumper yields weighed on new crop. Crop ratings advanced to their highest levels since 1992 for this time of year in last night's USDA report. China bought 110,000 MT of new crop overnight.
Corn
September ccrn closed at $3.21 ½, down 8 cents, and December at $3.26 ¾, down 8 ¾ cents. A gradual improvement over the past couple of weeks on the crop conditions report supports USDA projections of a bumper corn crop. The US corn rating increased again to 70% good-excellent, 21% fair and 9% poor-very poor, the highest condition report for this date since 2004. Cooler than normal weather is in the forecast through September 9th and could delay crop development in the eastern Corn Belt and/or North Dakota.
Wheat
September wheat finished at $4.71, down ¾ cent. Last night's USDA report showed that the spring wheat harvest is also lagging. The six main spring wheat states are at 22% harvested compared to last year at 58% and the five year average of 66%. Egypt is back in the market for wheat to be delivered the last week of September from optional origin. Japan is tendering for 160,000 MT of wheat of which 97,000 MT is US origin.