CBOT Close
Soybeans
August soybeans closed at USD9.98, down 1/4 cent; August soybean meal closed at USD294.50, up USD1.30; August soybean oil closed at 38.56, down 24 points. Above normal temps and below normal rainfall are forecast for the southeast quarter of the US for the next ten days. Not all areas of the US are benefiting from ideal weather conditions, with some parts of the Mississippi Delta very dry. The development of a La Nina weather pattern could potentially be bad news for South American beans in 2011.
Corn
September corn closed at USD3.62 3/4, down 1 1/4 cents; Dec corn closed at USD3.77, down 1 cent. Three major farm groups, in a united effort, have submitted a request to the EPA to immediately approve the usage of E12 gasoline for all vehicles, with a move towards ultimate approval of an E15 blend. Some reports suggest that the recent US corn exports to China have attracted the interest of the customs authorities there. Spillover strength from wheat helped support corn today.
Wheat
Sept CBOT wheat closed at USD5.95, up 5 1/2 cents; Sept KCBT wheat closed at USD6.15, up 3 cents; Sept MGEX wheat closed at USD6.25 1/2, up 3 1/2 cents. The US market is in the strange position of being a follower to Europe. Lower production in Russia was again a major catalyst, with some unsubstantiated gossip doing the rounds that things are so bad over there that an export embargo is likely before too long.
August soybeans closed at USD9.98, down 1/4 cent; August soybean meal closed at USD294.50, up USD1.30; August soybean oil closed at 38.56, down 24 points. Above normal temps and below normal rainfall are forecast for the southeast quarter of the US for the next ten days. Not all areas of the US are benefiting from ideal weather conditions, with some parts of the Mississippi Delta very dry. The development of a La Nina weather pattern could potentially be bad news for South American beans in 2011.
Corn
September corn closed at USD3.62 3/4, down 1 1/4 cents; Dec corn closed at USD3.77, down 1 cent. Three major farm groups, in a united effort, have submitted a request to the EPA to immediately approve the usage of E12 gasoline for all vehicles, with a move towards ultimate approval of an E15 blend. Some reports suggest that the recent US corn exports to China have attracted the interest of the customs authorities there. Spillover strength from wheat helped support corn today.
Wheat
Sept CBOT wheat closed at USD5.95, up 5 1/2 cents; Sept KCBT wheat closed at USD6.15, up 3 cents; Sept MGEX wheat closed at USD6.25 1/2, up 3 1/2 cents. The US market is in the strange position of being a follower to Europe. Lower production in Russia was again a major catalyst, with some unsubstantiated gossip doing the rounds that things are so bad over there that an export embargo is likely before too long.