CBOT Closing Comments


January soybean futures closed 7 ½ cents higher at USD10.60 ½. December soymeal futures ended 30 cents higher at $USD26.80, with December soyoil futures at 40.19 cents, up 9 points. The dollar was weaker, as concerns over Dubai eased following the announcement from the UAE that it would underwrite it's lenders in the event of any defaults. Whilst soybean demand has been incredible so far this marketing year, the USDA reported only 41.268 million bushels of soybeans were inspected for export last week, below trade estimates of 50-70 million.


December corn futures closed 5 ½ cents higher at USD4.02 ¾. A weaker dollar and firmer crude oil were supportive for corn, as too was talk that the recent run of terrible US weather will lead to quality issues this season. Only three corn contracts were put up for delivery on first notice day today, which seems to back up the theory that quality is a real concern. The USDA reported 23.751 million bushels of corn were inspected for export last week, slightly below trade estimates ranging from 27 to 34 million. Support came from news that the EU Commission had approved Sygenta GM corn variety MIR6045 for import.


Wheat was the strongest leg of the complex for once, with December CBOT wheat futures closing 18 ¾ cents higher at USD5.67 ½. KCBT December wheat ended 17 ¾ cents higher at USD5.60 ½, and MGEX December wheat gained 16 cents to end at USD5.69 ¾.The USDA reported 14.674 million bushels of wheat were inspected for export last week, which fell towards the low end of trade estimates ranging from 14 to 19 million. Fund buying was a feature today, with wheat perceived to be the the cheapest of the three main players in the complex.