CBOT Closing Comments
Soybeans
July soybeans closed at USD10.12 1/2, up 19 1/2 cents; July soybean meal closed at USD310.40, up USD6.40; July soybean oil closed at 36.86, up 5 points. China bought another 116,000 MT of old crop US soybeans today, propelling front-mont beans to close at the highest levels since April 22nd. Analyst's average estimates for Friday's USDA crop production and WASDE report show soybean ending stocks for 2009/10 at 169 million bushels and 2010/11 ending stocks at 366 million bushels.
Corn
July CBOT corn settled 6 3/4 cents higher at USD3.77 1/2; December corn ended 7 cents higher at USD3.96 1/4 a bushel. Strength of wheat prices spilled over into the corn market. Analyst's estimates for Friday's WASDE report show an average of 1.4 billion bushels for 2009/10 corn ending stocks and 1.301 billion bushels for 2010/11 ending stocks. Crude oil was stronger, and weather concerns in Europe are also giving rise to prices.
Wheat
July CBOT wheat closed at USD5.34, up 18 1/4 cents; July KCBT wheat closed at USD5.54, up 16 3/4 cents; July MGEX wheat closed at USD5.63 1/4, up 12 3/4 cents. Wheat production forecasts for Friday's USDA report average 2.163 billion bushels for all wheat, 1.496 for all winter wheat, 0.566 for other spring wheat and 0.100 for durum wheat. Export sales will also be out tomorrow, delayed one day because of the holiday.
July soybeans closed at USD10.12 1/2, up 19 1/2 cents; July soybean meal closed at USD310.40, up USD6.40; July soybean oil closed at 36.86, up 5 points. China bought another 116,000 MT of old crop US soybeans today, propelling front-mont beans to close at the highest levels since April 22nd. Analyst's average estimates for Friday's USDA crop production and WASDE report show soybean ending stocks for 2009/10 at 169 million bushels and 2010/11 ending stocks at 366 million bushels.
Corn
July CBOT corn settled 6 3/4 cents higher at USD3.77 1/2; December corn ended 7 cents higher at USD3.96 1/4 a bushel. Strength of wheat prices spilled over into the corn market. Analyst's estimates for Friday's WASDE report show an average of 1.4 billion bushels for 2009/10 corn ending stocks and 1.301 billion bushels for 2010/11 ending stocks. Crude oil was stronger, and weather concerns in Europe are also giving rise to prices.
Wheat
July CBOT wheat closed at USD5.34, up 18 1/4 cents; July KCBT wheat closed at USD5.54, up 16 3/4 cents; July MGEX wheat closed at USD5.63 1/4, up 12 3/4 cents. Wheat production forecasts for Friday's USDA report average 2.163 billion bushels for all wheat, 1.496 for all winter wheat, 0.566 for other spring wheat and 0.100 for durum wheat. Export sales will also be out tomorrow, delayed one day because of the holiday.