CBOT Closing Comments
Soybeans
July soybeans settled 2 cents lower at USD9.55 a bushel; November soybeans ended 6 1/2 cents higher at USD9.18 1/2; December soymeal closed USD6.40 higher at USD267.50; December soyoil settled 23 points lower at 37.80. New crop soybeans rose in anticipation that the USDA would drop crop ratings again this week, and they did, after the close they said beans rated good/excellent fell 2 points since last week to 67%. Planted progress rose from 93% to 97% done, in line with average. The USDA are expected to leave the 2010 US soybean planted area broadly unchanged from their March estimate on Wednesday at 78.183 million.
Corn
July corn closed at USD3.33 3/4, down 6 3/4 cents; December corn ended at USD3.52 3/4, down 7 3/4 cents. Corn hit an 8 month low ahead of Wednesday's USDA acreage report, which is expected to show US farmers have planted 89.229 million acres of corn this year, up from the 88.800 million predicted in March. June 1st US stocks are expected to come in at 4.598 billion bushels, 337 million higher than a year ago. After the close the USDA said that 73% of the crop is rated good/excellent, a 2 point fall on last week.
Wheat
CBOT September wheat closed down 6 cents at USD4.65; KCBT September wheat fell 5 cents to USD4.89 3/4; MGE September wheat dropped 10 1/4 cents to USD5.13 1/2. CBOT wheat hit a two-week low. The USDA reported that Kansas wheat farmers made rapid progress with the winter wheat harvest last week, advancing from 10% complete to 55% done. Yields are said to be good, although protein levels are a bit low. Export inspections reported this morning were fair at 16.01 million bushels, compared to 13.4 million last week and 11.34 million a year ago.
July soybeans settled 2 cents lower at USD9.55 a bushel; November soybeans ended 6 1/2 cents higher at USD9.18 1/2; December soymeal closed USD6.40 higher at USD267.50; December soyoil settled 23 points lower at 37.80. New crop soybeans rose in anticipation that the USDA would drop crop ratings again this week, and they did, after the close they said beans rated good/excellent fell 2 points since last week to 67%. Planted progress rose from 93% to 97% done, in line with average. The USDA are expected to leave the 2010 US soybean planted area broadly unchanged from their March estimate on Wednesday at 78.183 million.
Corn
July corn closed at USD3.33 3/4, down 6 3/4 cents; December corn ended at USD3.52 3/4, down 7 3/4 cents. Corn hit an 8 month low ahead of Wednesday's USDA acreage report, which is expected to show US farmers have planted 89.229 million acres of corn this year, up from the 88.800 million predicted in March. June 1st US stocks are expected to come in at 4.598 billion bushels, 337 million higher than a year ago. After the close the USDA said that 73% of the crop is rated good/excellent, a 2 point fall on last week.
Wheat
CBOT September wheat closed down 6 cents at USD4.65; KCBT September wheat fell 5 cents to USD4.89 3/4; MGE September wheat dropped 10 1/4 cents to USD5.13 1/2. CBOT wheat hit a two-week low. The USDA reported that Kansas wheat farmers made rapid progress with the winter wheat harvest last week, advancing from 10% complete to 55% done. Yields are said to be good, although protein levels are a bit low. Export inspections reported this morning were fair at 16.01 million bushels, compared to 13.4 million last week and 11.34 million a year ago.