CBOT Closing Comments
Soybeans
August soybeans closed at $11.84 ½, up 14 cents, November soybeans closed at $10.38 ½, up 7 cents. Yesterday's export sales of almost 3 MMT were impressive, in fact the second highest on record. Weather conditions remain conducive to producing a very good 2009/10 crop, but it is going to be a little bit late, and until we get there we are going to have a very tight old crop supply situation. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 soybean production and yield are 3.219 billion bushels and 42.13 bushels per acre.
Corn
September corn finished at $3.22, down 10 ½ cents, and December corn finished at $3.26 ½, down 13 ¾ cents. Weather forecasts for this weekend and next week over much of the Corn Belt call for hotter temperatures, scattered showers and then turning drier with normal to above-normal temperatures which will hasten crop development. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 corn acreage, production and yield are 86.333 million acres, 12.49 billion bushels and 157.295 bushels per acre.
Wheat
September wheat settled at $4.89 ½, down 10 ¾ cents. Weather forecasts over much of the Plains seen conducive to remaining winter wheat harvest, and developing spring wheat crops, which added pressure to futures. A sharply higher US dollar index gave additional pressure. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 all wheat and winter wheat production are 2.151 billion bushels and 1.5315 Bbu.
August soybeans closed at $11.84 ½, up 14 cents, November soybeans closed at $10.38 ½, up 7 cents. Yesterday's export sales of almost 3 MMT were impressive, in fact the second highest on record. Weather conditions remain conducive to producing a very good 2009/10 crop, but it is going to be a little bit late, and until we get there we are going to have a very tight old crop supply situation. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 soybean production and yield are 3.219 billion bushels and 42.13 bushels per acre.
Corn
September corn finished at $3.22, down 10 ½ cents, and December corn finished at $3.26 ½, down 13 ¾ cents. Weather forecasts for this weekend and next week over much of the Corn Belt call for hotter temperatures, scattered showers and then turning drier with normal to above-normal temperatures which will hasten crop development. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 corn acreage, production and yield are 86.333 million acres, 12.49 billion bushels and 157.295 bushels per acre.
Wheat
September wheat settled at $4.89 ½, down 10 ¾ cents. Weather forecasts over much of the Plains seen conducive to remaining winter wheat harvest, and developing spring wheat crops, which added pressure to futures. A sharply higher US dollar index gave additional pressure. The average trade estimates ahead of Wednesday’s USDA crop production report for 2009 all wheat and winter wheat production are 2.151 billion bushels and 1.5315 Bbu.