CBOT Closing Comments
Soybeans
September soybeans finished at $9.61 ½, down 7 ½ cents, November closed at $9.28 ½, down 8 cents. The USDA will share the monthly supply/demand and soybean production report on Friday. The average trade estimate for soybeans is 3.249 billion bushels with an average yield estimate of 42.359 bushels to the acre. Carry out forecasts for 2008/09 average 102 million bushels and 226 million bushels for 2009/10. Whilst there is no immediate frost threat in the forecasts for the next week, two Canadian cold fronts hitting the Corn Belt over the next few weeks that threaten this warm outcome starting a week from today, according to QT Weather.
Corn
September corn closed at $3.05 ½, up 2 ¾ cents, with December at $3.09 ¾, up 2 ¼ cents. The USDA will release the monthly crop production and supply/demand report on Friday. Trade estimates for corn production average 12.901 billion bushels with an average yield of 161.376 bushels to the acre. The August USDA report pegged output at 12.761 billion bushels. Trade predictions for corn ending stocks for 2008/09 average 1.712 billion bushels and 1.768 billion bushels for 2009/10. Taiwan purchased 60,000 tonnes of US corn overnight.
Wheat
September wheat closed at $4.29, down 2 ½ cents. Spring wheat harvest remains behind average at 58% compared to 86% last year and 88% for the five year average. Spring wheat condition ratings are 7% poor/very poor and 74% good/excellent a 1 point decline in the good/excellent and 2 point decline in the poor/very poor ratings. Global production numbers keep getting bigger, with France, Russia and Ukraine all increasing their output estimates in the past 48 hours.
September soybeans finished at $9.61 ½, down 7 ½ cents, November closed at $9.28 ½, down 8 cents. The USDA will share the monthly supply/demand and soybean production report on Friday. The average trade estimate for soybeans is 3.249 billion bushels with an average yield estimate of 42.359 bushels to the acre. Carry out forecasts for 2008/09 average 102 million bushels and 226 million bushels for 2009/10. Whilst there is no immediate frost threat in the forecasts for the next week, two Canadian cold fronts hitting the Corn Belt over the next few weeks that threaten this warm outcome starting a week from today, according to QT Weather.
Corn
September corn closed at $3.05 ½, up 2 ¾ cents, with December at $3.09 ¾, up 2 ¼ cents. The USDA will release the monthly crop production and supply/demand report on Friday. Trade estimates for corn production average 12.901 billion bushels with an average yield of 161.376 bushels to the acre. The August USDA report pegged output at 12.761 billion bushels. Trade predictions for corn ending stocks for 2008/09 average 1.712 billion bushels and 1.768 billion bushels for 2009/10. Taiwan purchased 60,000 tonnes of US corn overnight.
Wheat
September wheat closed at $4.29, down 2 ½ cents. Spring wheat harvest remains behind average at 58% compared to 86% last year and 88% for the five year average. Spring wheat condition ratings are 7% poor/very poor and 74% good/excellent a 1 point decline in the good/excellent and 2 point decline in the poor/very poor ratings. Global production numbers keep getting bigger, with France, Russia and Ukraine all increasing their output estimates in the past 48 hours.