CBOT Closing Comments
Soybeans
Aug CBOT soybeans fell 11 1/2 cents to USD10.08 per bushel; Nov soybeans slumped 13 cents to USD9.72; August soybean meal closed at USD305, down USD2.80; August soybean oil closed at 37.96, down 35 points. Profit taking after last week's sharp rally was seen. Soybean export inspections came in at 6.85 MMT, a bit on the low side. The USDA pegged soybean blooming 20 points higher than last week and ahead of average. They also said that 18% of the crop is setting pods, ahead of the 15% average pace. Good/excellent crop conditions rose 2 points to 67%.
Corn
Sep corn ended down 13 1/4 cents at USD3.81 1/2 per bushel; Dec corn closed down 13 1/4 cents at USD3.94. Rains over the weekend and forecasts of more to come got corn off on the defensive. A correction from last week's gains was also likely behind today's move lower. Corn export inspections came in at 38.91 MMT, slightly above last week. The USDA pegged silking up 27 points from last week. Corn dropped a point in condition, to 72% good/excellent, which was below average analyst estimates but still ahead of last year's 71%.
Wheat
Sep CBOT wheat closed down 5 cents at USD5.82 1/4 per bushel; Sep KCBT wheat ended down 3 3/4 cents at USD5.95 1/4; Sep MGE wheat closed down 8 1/4 cents at USD6.03 1/4. Wheat export inspections came in at 22.45 MMT, well above last week by almost 8 MMT. The US winter wheat harvested was up 8 points from last week but slightly behind average. Spring wheat heading was up 15 points from last week, but also behind average. Spring wheat conditions were down a point to 82% good/excellent. Drought in Russia continues to underpin.
Aug CBOT soybeans fell 11 1/2 cents to USD10.08 per bushel; Nov soybeans slumped 13 cents to USD9.72; August soybean meal closed at USD305, down USD2.80; August soybean oil closed at 37.96, down 35 points. Profit taking after last week's sharp rally was seen. Soybean export inspections came in at 6.85 MMT, a bit on the low side. The USDA pegged soybean blooming 20 points higher than last week and ahead of average. They also said that 18% of the crop is setting pods, ahead of the 15% average pace. Good/excellent crop conditions rose 2 points to 67%.
Corn
Sep corn ended down 13 1/4 cents at USD3.81 1/2 per bushel; Dec corn closed down 13 1/4 cents at USD3.94. Rains over the weekend and forecasts of more to come got corn off on the defensive. A correction from last week's gains was also likely behind today's move lower. Corn export inspections came in at 38.91 MMT, slightly above last week. The USDA pegged silking up 27 points from last week. Corn dropped a point in condition, to 72% good/excellent, which was below average analyst estimates but still ahead of last year's 71%.
Wheat
Sep CBOT wheat closed down 5 cents at USD5.82 1/4 per bushel; Sep KCBT wheat ended down 3 3/4 cents at USD5.95 1/4; Sep MGE wheat closed down 8 1/4 cents at USD6.03 1/4. Wheat export inspections came in at 22.45 MMT, well above last week by almost 8 MMT. The US winter wheat harvested was up 8 points from last week but slightly behind average. Spring wheat heading was up 15 points from last week, but also behind average. Spring wheat conditions were down a point to 82% good/excellent. Drought in Russia continues to underpin.