CBOT Closing Comments


January soybean futures closed at USD10.54 ½, up 8 ½ cents, December soymeal futures at USD318.00, up USD2.60 and December soy oil futures at 40.57, cents, up 0.87 points. The soybean harvest is wrapping up and export demand remains healthy. Export sales will be announced on Friday due to the Thanksgiving Day holiday, trade estimates for export sales are 800,000 to 1,100,000MT. The last four week's have averaged 1.6 MMT so don't be surprised if we come in above the trade estimate yet again.


December corn futures close at USD3.92, up 16 cents and March corn futures at USD4.08, also up 16 cents. Trade estimates for Friday's export sales range between 500,000 and 700,000 MT, although recent sales have been disappointing. With almost a third of the US corn crop still left to be harvested as of Sunday, US growers will have been working flat out again all week - even if it means bringing the crop in at high moisture levels. The weather is set to be reasonably favourable until Tuesday when more rain moves into Illinois and surrounding states.


December CBOT wheat futures closed at USD5.50 ¼, up 17 ¼ cents, December KCBT wheat futures at USD5.46 ½, up 17 cents and December MGEX wheat futures at USD5.51 ¾, up 11 ¾ cents. Private Exporters announced 100,000 MT of HRW wheat sold to Iraq, Japan also bought US wheat although the US once again missed out on Egypt's tender. Trade estimates for Friday's weekly export sales are between 350,000 and 450,000 MT. US soft red wheat potential has been curtailed by too much rainfall in the Mid South that flooded farms and delayed planting. Soft red winter wheat was rated 48% good, 40% fair and 12% poor on the November 21 condition report, the last of the season, say Martell Crop Projections.