CBOT Closing Comments
Soybeans
September beans ended at $9.82, down 27 ¼ cents, whilst November closed at $9.41 ½, down 9 ½ cents. Informa Economics is predicting soybean yields to be at 44 bushels to the acre, significantly higher than the USDA's last estimate of 42.6bu/acre. Export sales were a combined total of 1,048,886 MT substantially above the high end of trade estimates at 750,000 MT.
Corn
September corn closed at $3.11, down 2 ½ cents, with December at $3.15 ¾, down 3 ½ cents. Informa Economics forecast this year's corn crop at 13.304 billion bushels , using a yield at 168 bushels to the acre. Both numbers are significantly higher than last month's blind stab in the dark from the USDA of 12.761 billion and 159.5 bu/acre. Export sales today were a combined total of 938,885 MT near the high end of trade estimates.
Wheat
September wheat closed at $4.51 ¼, down 5 ¾ cents. Export sales today were a combined total of 406,707 MT in the centre of trade guesses with accumulated shipments at 4,466,179 MT, (148.8 million bushels). USDA projects 2009/10 exports at 950 million bushels. The marketing year for All Wheat is between the first week of June and the last week of May. The dollar was firmer today discouraging foreign purchases. Egypt purchased a small amount of US wheat this week but most of the tender went to France and Russia. A serious drought in central Argentina and the government tax policy on exports has led to a major decrease in wheat acres that are said to be the lowest in 110 years at 2.8 million hectares.
September beans ended at $9.82, down 27 ¼ cents, whilst November closed at $9.41 ½, down 9 ½ cents. Informa Economics is predicting soybean yields to be at 44 bushels to the acre, significantly higher than the USDA's last estimate of 42.6bu/acre. Export sales were a combined total of 1,048,886 MT substantially above the high end of trade estimates at 750,000 MT.
Corn
September corn closed at $3.11, down 2 ½ cents, with December at $3.15 ¾, down 3 ½ cents. Informa Economics forecast this year's corn crop at 13.304 billion bushels , using a yield at 168 bushels to the acre. Both numbers are significantly higher than last month's blind stab in the dark from the USDA of 12.761 billion and 159.5 bu/acre. Export sales today were a combined total of 938,885 MT near the high end of trade estimates.
Wheat
September wheat closed at $4.51 ¼, down 5 ¾ cents. Export sales today were a combined total of 406,707 MT in the centre of trade guesses with accumulated shipments at 4,466,179 MT, (148.8 million bushels). USDA projects 2009/10 exports at 950 million bushels. The marketing year for All Wheat is between the first week of June and the last week of May. The dollar was firmer today discouraging foreign purchases. Egypt purchased a small amount of US wheat this week but most of the tender went to France and Russia. A serious drought in central Argentina and the government tax policy on exports has led to a major decrease in wheat acres that are said to be the lowest in 110 years at 2.8 million hectares.