CBOT Closing Comments
Soybeans
Sept beans closed at $9.73 ½, up 12 cents, and Nov closed at $9.26 ½, down 2 cents. Positioning ahead of Friday’s USDA reports kept futures mixed. The average trade estimate for 2009/10 soybean production is 3.253 billion bushels, with an average yield estimated at 42.38 bushels per acre. Higher crude oil futures and a lower US dollar index lent a supportive tone to futures today.
Corn
Sept corn settled at $3.09 ½, up 4 cents, and Dec settled at $3.15 ¼, up 5 ½ cents. Short-covering and positioning ahead of Friday’s USDA reports lent a supportive tone to futures. The average trade estimate for 2009/10 corn production is 12.932 billion bushels, with an average yield estimated at 161.438 bushels per acre. Both estimates are larger than the previous USDA August forecasts. Higher crude oil futures and a lower US dollar index lent outside market support.
Wheat
Sept wheat finished at $4.32 ¾, up 3 ¾ cents. Positioning ahead of Friday’s USDA reports left futures mixed. Sentiment that the USDA will increase the 2009/10 US wheat ending stocks, ample world supply, sluggish US export demand weighed on futures. The average trade estimate for 2009/10 wheat ending stocks is 743 million bushels. FranceAgriMer have increased it's estimate for French soft wheat production to 37.5 MMT.
Sept beans closed at $9.73 ½, up 12 cents, and Nov closed at $9.26 ½, down 2 cents. Positioning ahead of Friday’s USDA reports kept futures mixed. The average trade estimate for 2009/10 soybean production is 3.253 billion bushels, with an average yield estimated at 42.38 bushels per acre. Higher crude oil futures and a lower US dollar index lent a supportive tone to futures today.
Corn
Sept corn settled at $3.09 ½, up 4 cents, and Dec settled at $3.15 ¼, up 5 ½ cents. Short-covering and positioning ahead of Friday’s USDA reports lent a supportive tone to futures. The average trade estimate for 2009/10 corn production is 12.932 billion bushels, with an average yield estimated at 161.438 bushels per acre. Both estimates are larger than the previous USDA August forecasts. Higher crude oil futures and a lower US dollar index lent outside market support.
Wheat
Sept wheat finished at $4.32 ¾, up 3 ¾ cents. Positioning ahead of Friday’s USDA reports left futures mixed. Sentiment that the USDA will increase the 2009/10 US wheat ending stocks, ample world supply, sluggish US export demand weighed on futures. The average trade estimate for 2009/10 wheat ending stocks is 743 million bushels. FranceAgriMer have increased it's estimate for French soft wheat production to 37.5 MMT.