CBOT Closing Comments
Soybeans
July soybeans closed at USD9.49 1/2, down 2 cents; July soybean meal at USD285.70, down USD4.30; July soybean oil at 37.81, up 42 points. The soybean market slipped into negative territory late in the day, unable to hold onto early price strength. Around 9% of the soybean crop is left to get planted, according to the USDA, hampered by continued wet weather.
Corn
July corn closed at USD3.53 3/4, unchanged; Dec corn was at USD3.75, also unchanged. Good to excellent condition ratings improved one point from last week, to 77%, close to the record 78% for this time of year. Crude oil closed up near USD77/barrel, which was supportive, and the US dollar was also weaker which helped today.
Wheat
July CBOT wheat closed at USD4.51 3/4, up 1/4 cent; July KCBT Wheat at USD4.78 1/4, down 1 1/2 cents; July MGEX wheat at USD5.23, down 1/4 cent. Nationally the winter wheat harvest is 2 points ahead of last year, but 3 points behind the five year average. Concerns about the wheat crop in Canada are limiting the downside in Minneapolis wheat.
July soybeans closed at USD9.49 1/2, down 2 cents; July soybean meal at USD285.70, down USD4.30; July soybean oil at 37.81, up 42 points. The soybean market slipped into negative territory late in the day, unable to hold onto early price strength. Around 9% of the soybean crop is left to get planted, according to the USDA, hampered by continued wet weather.
Corn
July corn closed at USD3.53 3/4, unchanged; Dec corn was at USD3.75, also unchanged. Good to excellent condition ratings improved one point from last week, to 77%, close to the record 78% for this time of year. Crude oil closed up near USD77/barrel, which was supportive, and the US dollar was also weaker which helped today.
Wheat
July CBOT wheat closed at USD4.51 3/4, up 1/4 cent; July KCBT Wheat at USD4.78 1/4, down 1 1/2 cents; July MGEX wheat at USD5.23, down 1/4 cent. Nationally the winter wheat harvest is 2 points ahead of last year, but 3 points behind the five year average. Concerns about the wheat crop in Canada are limiting the downside in Minneapolis wheat.