CBOT Closing Comments
Soybeans
July soybeans closed at USD9.31, down 4 cents; July soybean meal closed at USD276.80, down USD1.90; July soybean oil closed at 36.67, up 20 points. on Thursday the USDA will release their monthly supply/demand report. The average trade guess for soybean ending stocks is 184 million bushels for 2009/10 beans and 359 million bushels for the 2010/11 ending stocks. Wet weather for the coming weeks may hinder soybean planting, underpinning potential losses until the remaining 16% of the crop is planted.
Corn
July corn closed at USD3.37 1/4, up 1 1/2 cents; Dec corn closed at USD3.56 1/2, up 1 1/2 cents. Nothing too exciting is likely to be on the cards ahead of Thursday's USDA report. Trade estimates average 1.724 billion bushel for the 2009/10 corn carryout and 1.831 for the 2010/11 carryout. It still looks likely that we will see some element of profit-taking ahead of Thursday I'd say, so we can maybe expect a modestly higher close tomorrow. US weather conditions look good for potential corn yields at this stage.
Wheat
July CBOT wheat closed at USD4.32 1/4, unchanged; July KCBT wheat closed at USD4.62, unchanged; July MGEX Wheat closed at USD4.89 1/2, up 2 3/4 cents. Analysts are projecting wheat ending stocks at 947 million bushels for 2009/10 and 987 million bushels for 2010/11 in Thursday's USDA supply & demand report. US all wheat production is expected at 2.054 billion bushels, up slightly on last months 2.043 billion. Whilst the US winter wheat harvest is going well so far in southern states, Kansas is the big one and there are some pretty valid concerns over yields there which yet stand to be confirmed or otherwise.
July soybeans closed at USD9.31, down 4 cents; July soybean meal closed at USD276.80, down USD1.90; July soybean oil closed at 36.67, up 20 points. on Thursday the USDA will release their monthly supply/demand report. The average trade guess for soybean ending stocks is 184 million bushels for 2009/10 beans and 359 million bushels for the 2010/11 ending stocks. Wet weather for the coming weeks may hinder soybean planting, underpinning potential losses until the remaining 16% of the crop is planted.
Corn
July corn closed at USD3.37 1/4, up 1 1/2 cents; Dec corn closed at USD3.56 1/2, up 1 1/2 cents. Nothing too exciting is likely to be on the cards ahead of Thursday's USDA report. Trade estimates average 1.724 billion bushel for the 2009/10 corn carryout and 1.831 for the 2010/11 carryout. It still looks likely that we will see some element of profit-taking ahead of Thursday I'd say, so we can maybe expect a modestly higher close tomorrow. US weather conditions look good for potential corn yields at this stage.
Wheat
July CBOT wheat closed at USD4.32 1/4, unchanged; July KCBT wheat closed at USD4.62, unchanged; July MGEX Wheat closed at USD4.89 1/2, up 2 3/4 cents. Analysts are projecting wheat ending stocks at 947 million bushels for 2009/10 and 987 million bushels for 2010/11 in Thursday's USDA supply & demand report. US all wheat production is expected at 2.054 billion bushels, up slightly on last months 2.043 billion. Whilst the US winter wheat harvest is going well so far in southern states, Kansas is the big one and there are some pretty valid concerns over yields there which yet stand to be confirmed or otherwise.