CBOT Closing Comments


January soybeans closed are at USD10.27, down 2 ½ cents, December soymeal futures at USD310.50, up USD1.80, December soy oil futures at 39.75 down 6 points. Beans were sharply higher in early trade, but gave up those gains on profit-taking as the session wore on. Tomorrow will be interesting with estimates for the USDA's weekly export sales report at between 750,000 and 950,000 MT. Last weeks sales were strong at 1,272,500 MT, and this week's inspections for export shipments were a very robust 1,628,715 MT.


December corn futures closed at USD3.98, down 4 cents and March corn futures at USD4.13 ¾, down 3 ¾ cents. After challenging recent highs corn futures closed lower on the day, failing to close above the psychologically important USD4/bushel mark. Trade estimates for tomorrow's weekly export sales report range from 450,000 to 550,000 MT. Last weeks sales were 488,500 MT, and corn inspected for export shipments this week was 631,800 MT. The US weather outlook looks conducive to getting a fair proportion of the remaining corn harvested over the remainder of the week, albeit at high moisture levels.


December wheat futures closed at USD5.66 ¼, down 8 ½ cents. Trade estimates for tomorrow's export sales range from 350,000 to 450,000 MT, with last week's sales at 412,200 MT. Wheat inspected for export shipments this week was 409,512 MT. That means that there's a lot of catching up to do to meet the current USDA export projections for wheat. Egypt are tendering again this week for one or two cargoes of wheat, after booking 295,000 MT of Russian wheat in last week's tender.