CBOT Closing Comments
Soybeans
As anticipated, old crop beans continued to extend the differential between them and new crop. September settled 23 3/4 cents higher at $11.14 1/4, and November soybeans finished 1/2 cent lower at $9.96. Old crop stocks are tight and the harvest is delayed. The later the harvest, the greater the threat of an early frost cutting production. Weekly export sales totals were much higher than expected at 2.054 MMT, of which China took 1.53 MMT of new crop. They are still behind on old crop shipments which will probably mean rolling forward existing sales.
Corn
September corn closed up 2 1/2 cents at $3.23 per bushel, and December corn ended up 3 cents at $3.29 1/4. Combined old and new crop weekly export sales of 973,200 MT were within the range of trade estimates. The USDA reported a sale of 105,000 MT of new crop corn to South Korea. Cool and wet weather across large parts of the Midwest is doing little to help corn development advance, keeping the trade cautious, with frost being mentioned for Canada at the weekend, possibly even spreading south of the border.
Wheat
December wheat ended down 3 3/4 cents at $5.03 a bushel. Weekly export sales were the largest of the marketing year at 642,700 MT, physical shipments were also the largest of the MY so far. The IGC increased global wheat production for 2009/10 to 662 MMT, they also increased world wheat ending stocks by 9 MMT to 183 MMT. Spring wheat harvesting in the US continues to lag, cool and wet conditions forecast over large parts of the Midwest across the weekend will do little to help.
As anticipated, old crop beans continued to extend the differential between them and new crop. September settled 23 3/4 cents higher at $11.14 1/4, and November soybeans finished 1/2 cent lower at $9.96. Old crop stocks are tight and the harvest is delayed. The later the harvest, the greater the threat of an early frost cutting production. Weekly export sales totals were much higher than expected at 2.054 MMT, of which China took 1.53 MMT of new crop. They are still behind on old crop shipments which will probably mean rolling forward existing sales.
Corn
September corn closed up 2 1/2 cents at $3.23 per bushel, and December corn ended up 3 cents at $3.29 1/4. Combined old and new crop weekly export sales of 973,200 MT were within the range of trade estimates. The USDA reported a sale of 105,000 MT of new crop corn to South Korea. Cool and wet weather across large parts of the Midwest is doing little to help corn development advance, keeping the trade cautious, with frost being mentioned for Canada at the weekend, possibly even spreading south of the border.
Wheat
December wheat ended down 3 3/4 cents at $5.03 a bushel. Weekly export sales were the largest of the marketing year at 642,700 MT, physical shipments were also the largest of the MY so far. The IGC increased global wheat production for 2009/10 to 662 MMT, they also increased world wheat ending stocks by 9 MMT to 183 MMT. Spring wheat harvesting in the US continues to lag, cool and wet conditions forecast over large parts of the Midwest across the weekend will do little to help.