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Soybeans
August soybeans finished 1/2 cent higher at USD10.19 1/2; August soybean meal closed at USD307.80, up USD0.20; August soybean oil closed at 38.31, down 28 points. Beans closed around 26 cents on the week. The insatiable Chinese Ministry say that, port congestion or not, they will import 5.8 MMT of soybeans this month. That would be the second highest on record, with last month being the highest. The long range weather report published by the NWS yesterday is calling for continued above normal temperatures through the month of August. That could hurt US bean production.
Corn
September corn closed at USD3.94 3/4, up 2 1/4 cents; Dec corn closed at USD4.07 1/4, up 2 cents. Futures closed around 11 cents higher on the week. Traders remain concerned about hot and dry weather in the August forecasts. The dollar closed higher and crude oil closed lower on the day adding some pressure to corn. US weather forecasts are relatively conducive to a decent crop this year, although too much rainfall in some areas, and not enough in others, is still a concern.
Wheat
Sep CBOT wheat closed at USD5.87 1/4, down 9 cents; September KCBT wheat closed at USD5.99, down 6 3/4 cents; September MGEX wheat closed at USD6.11 1/2, down 1 cent. The trade was due a sell-ff after some sharp price-spikes earlier in the week. On the week overall CBOT and MGEX wheat were up 49 cents and KCBT was up 46 cents. This afternoon's weekly CFTC report listed Managed Money as reversing their short position of 8,566 contracts last week to a net long of 10,490 contracts.
August soybeans finished 1/2 cent higher at USD10.19 1/2; August soybean meal closed at USD307.80, up USD0.20; August soybean oil closed at 38.31, down 28 points. Beans closed around 26 cents on the week. The insatiable Chinese Ministry say that, port congestion or not, they will import 5.8 MMT of soybeans this month. That would be the second highest on record, with last month being the highest. The long range weather report published by the NWS yesterday is calling for continued above normal temperatures through the month of August. That could hurt US bean production.
Corn
September corn closed at USD3.94 3/4, up 2 1/4 cents; Dec corn closed at USD4.07 1/4, up 2 cents. Futures closed around 11 cents higher on the week. Traders remain concerned about hot and dry weather in the August forecasts. The dollar closed higher and crude oil closed lower on the day adding some pressure to corn. US weather forecasts are relatively conducive to a decent crop this year, although too much rainfall in some areas, and not enough in others, is still a concern.
Wheat
Sep CBOT wheat closed at USD5.87 1/4, down 9 cents; September KCBT wheat closed at USD5.99, down 6 3/4 cents; September MGEX wheat closed at USD6.11 1/2, down 1 cent. The trade was due a sell-ff after some sharp price-spikes earlier in the week. On the week overall CBOT and MGEX wheat were up 49 cents and KCBT was up 46 cents. This afternoon's weekly CFTC report listed Managed Money as reversing their short position of 8,566 contracts last week to a net long of 10,490 contracts.