CBOT Closing Comments


August CBOT soybeans finished 4 cents lower at USD9.40 1/2, and November soybeans 5 3/4 cents lower at USD9.00; December soymeal ended USD1.90 lower at USD262.40; December soyoil settled 18 points lower at 36.69. China bought 120,000 MT of US soybeans and another 40,000 MT of US soyoil overnight, according to the USDA. After the close the USDA reported soybeans as 79% good/excellent, down one point on a week ago. They said that 23% of the crop is blooming compared to 20% normally.


July corn ended down 4 cents at USD4.60 per bushel, and Dec corn closed down 5 1/4 cents at USD3.79 1/4. After the close the USDA reported corns as 71% good/excellent, down two points on a week ago. They said that 19% of the crop was silking compared to 12% normally. Export inspections for the week ending July 1st came in at the low end of expectations. Argentina's Ag Ministry say that the corn harvest hit 91% done, 2% ahead of last week.


CBOT Sept wheat ended up 4 1/2 cents at USD5.07 1/2; KCBT Sept wheat closed up 5 cents at USD5.21; MGE Sept wheat increased 4 3/4 cents to USD5.35 3/4. Short-covering was a feature today, although prices finished well of earlier session highs. The USDA reported that winter wheat is rated 11% poor/very poor, 26% fair, and 63% good/excellent. Good/excellent was down one point from last week. Harvesting is running at slightly above average at 54% done. Spring wheat is 52% headed versus 28% a year ago, and 57% on average.