CBOT Closing Comments
Soybeans
September soybeans closed at $11.00, down 35 ¾ cents, and November at $9.79 ½, down 31 ½ . Tonight's USDA report showed that 93% of the soybean crop is setting pods, the same as last year at this time and just 3 points behind the 5 year average. Soybean ratings did not change from last week with 8% of the crop rated poor/very poor and 69% of the crop rated good/excellent. That sounds pretty bearish to me.
Corn
September corn finished at $3.26 ¼, up 5 ¼ cents, and December at $3.29 ¾, up ¾ cent. The USDA reported that crop maturity remains behind last year and the five year average with 75% of the crop in the dough stage and 32% of the crop dented. Good progress was made from the previous week however. Corn in the dough stage last week was at 57% and corn in the dent stage was at 18% a week ago. Kansas, Missouri and Iowa are ahead of last year but behind the five year average for this date. USDA-NASS stated 5% of the crop is mature. 10% of the corn crop is rated poor/very poor and 69% of the crop is rated good/excellent, a 1 point decline in both categories.
Wheat
September wheat closed at $4.71, up 4 cents. The preliminary crop progress reported 38% of the spring wheat harvested compared to 22% last week. The harvest remains far behind last year and the five year average of 79%. Spring wheat condition ratings improved 3 points this last week with 5% poor/very poor and 75% good/excellent. Yields are reported above average but because of the cool and wet weather protein levels are down.
September soybeans closed at $11.00, down 35 ¾ cents, and November at $9.79 ½, down 31 ½ . Tonight's USDA report showed that 93% of the soybean crop is setting pods, the same as last year at this time and just 3 points behind the 5 year average. Soybean ratings did not change from last week with 8% of the crop rated poor/very poor and 69% of the crop rated good/excellent. That sounds pretty bearish to me.
Corn
September corn finished at $3.26 ¼, up 5 ¼ cents, and December at $3.29 ¾, up ¾ cent. The USDA reported that crop maturity remains behind last year and the five year average with 75% of the crop in the dough stage and 32% of the crop dented. Good progress was made from the previous week however. Corn in the dough stage last week was at 57% and corn in the dent stage was at 18% a week ago. Kansas, Missouri and Iowa are ahead of last year but behind the five year average for this date. USDA-NASS stated 5% of the crop is mature. 10% of the corn crop is rated poor/very poor and 69% of the crop is rated good/excellent, a 1 point decline in both categories.
Wheat
September wheat closed at $4.71, up 4 cents. The preliminary crop progress reported 38% of the spring wheat harvested compared to 22% last week. The harvest remains far behind last year and the five year average of 79%. Spring wheat condition ratings improved 3 points this last week with 5% poor/very poor and 75% good/excellent. Yields are reported above average but because of the cool and wet weather protein levels are down.