Chicago Closing Comments
Soybeans
August soybeans closed at USD10.15 1/4, up 3 1/2 cents; November soybeans closed at USD9.78 1/2, up 5 1/2 cents; August soybean meal closed at USD303.30, up USD1.80; August soybean oil closed at 38.26, down 14 points. Solid demand and uncertainties regarding the size of the US soybean crop kept a floor under the market. Argentina’s Ag Ministry trimmed their 2009/10 soybean production to 52.7 MMT, down from their previous number of 54 MMT. Weekly export sales for tomorrow range between 550 and 950 TMT.
Corn
September corn closed at USD3.79 3/4, up 5 3/4 cents; Dec corn closed at USD3.93 1/2, up 6 cents. Traders noted that the market had little or no support from crude oil or the US dollar. Trade estimates for tomorrow's weekly export sales report range from 850 to 1,000 TMT. The trade is still concerned about crop losses in the FSU and Europe. One report suggested that the prospective passing of the increase of the so-called E15 ethanol blend will see Wall Street money "pouring into" the Midwest.
Wheat
September CBOT wheat closed at USD5.88 1/4, up 11 1/4 cents; September KCBT wheat closed at USD6.01 1/2, up 12 cents; September MGEX wheat closed at USD6.13 1/2, up 11 3/4 cents. The weekly USDA export sales report will be out in the morning. Trade estimates for that range from 350 to 450 TMT. Hot and dry conditions in Russia and Kazakhstan continue to stress spring planted crops there. The US missed out on Egypt's tender yesterday, but ideas are that they will have to cast their net further afield before too long.
August soybeans closed at USD10.15 1/4, up 3 1/2 cents; November soybeans closed at USD9.78 1/2, up 5 1/2 cents; August soybean meal closed at USD303.30, up USD1.80; August soybean oil closed at 38.26, down 14 points. Solid demand and uncertainties regarding the size of the US soybean crop kept a floor under the market. Argentina’s Ag Ministry trimmed their 2009/10 soybean production to 52.7 MMT, down from their previous number of 54 MMT. Weekly export sales for tomorrow range between 550 and 950 TMT.
Corn
September corn closed at USD3.79 3/4, up 5 3/4 cents; Dec corn closed at USD3.93 1/2, up 6 cents. Traders noted that the market had little or no support from crude oil or the US dollar. Trade estimates for tomorrow's weekly export sales report range from 850 to 1,000 TMT. The trade is still concerned about crop losses in the FSU and Europe. One report suggested that the prospective passing of the increase of the so-called E15 ethanol blend will see Wall Street money "pouring into" the Midwest.
Wheat
September CBOT wheat closed at USD5.88 1/4, up 11 1/4 cents; September KCBT wheat closed at USD6.01 1/2, up 12 cents; September MGEX wheat closed at USD6.13 1/2, up 11 3/4 cents. The weekly USDA export sales report will be out in the morning. Trade estimates for that range from 350 to 450 TMT. Hot and dry conditions in Russia and Kazakhstan continue to stress spring planted crops there. The US missed out on Egypt's tender yesterday, but ideas are that they will have to cast their net further afield before too long.