CBOT Closing Comments
Soybeans
September beans closed at $9.61, down 21 cents, and November at $9.22 down 19 ½ cents. Private analysts' forecasts for higher production than last month's USDA predictions are emerging daily. Linn Group became the latest to release their estimate of 3.304 billion bushels and a yield of 43.0 bu/acre. Last month's USDA estimate was 3.199 billion bushels and 42.6 bu/acre. US weather conditions are cool, but not cold enough for a frost threat yet.
Corn
September corn closed at $3.00 ½, down 10 ½ cents, and December at $3.06 ¼, down 9 ½ cents. Corn set fresh lows for 2009, and are now within 10 cents of the 2008 low of $2.90/bushel. Above normal rainfall is predicted for the Midwest and Northern Plains into September 9th. Cooler than normal temperatures are expected from September 11th to 17th for the Midwest and Eastern Corn Belt and then moving south into the Delta but no one is forecasting a frost yet for anytime in that period. Linn Group pegged this season's crop at 13.019 billion bushels, using an average yield of 162.7 bu/acre.
Wheat
September CBOT Wheat at $4.44, down 7 ¼, cents. As with corn, wheat set new 2009 lows. The outlook for sharply higher corn production than what had been expected just a few months ago is weighing on wheat. Especially as this season's wheat crop looks like it is lower in quality than last year, making more of it destined to compete in the feed market. Above normal rain is forecast for the Northern Plains, Midwest and eastern Corn Belt from September 9th to the 14th, which will do little to help the spring wheat harvest, and probably damaging quality further.
September beans closed at $9.61, down 21 cents, and November at $9.22 down 19 ½ cents. Private analysts' forecasts for higher production than last month's USDA predictions are emerging daily. Linn Group became the latest to release their estimate of 3.304 billion bushels and a yield of 43.0 bu/acre. Last month's USDA estimate was 3.199 billion bushels and 42.6 bu/acre. US weather conditions are cool, but not cold enough for a frost threat yet.
Corn
September corn closed at $3.00 ½, down 10 ½ cents, and December at $3.06 ¼, down 9 ½ cents. Corn set fresh lows for 2009, and are now within 10 cents of the 2008 low of $2.90/bushel. Above normal rainfall is predicted for the Midwest and Northern Plains into September 9th. Cooler than normal temperatures are expected from September 11th to 17th for the Midwest and Eastern Corn Belt and then moving south into the Delta but no one is forecasting a frost yet for anytime in that period. Linn Group pegged this season's crop at 13.019 billion bushels, using an average yield of 162.7 bu/acre.
Wheat
September CBOT Wheat at $4.44, down 7 ¼, cents. As with corn, wheat set new 2009 lows. The outlook for sharply higher corn production than what had been expected just a few months ago is weighing on wheat. Especially as this season's wheat crop looks like it is lower in quality than last year, making more of it destined to compete in the feed market. Above normal rain is forecast for the Northern Plains, Midwest and eastern Corn Belt from September 9th to the 14th, which will do little to help the spring wheat harvest, and probably damaging quality further.