CBOT Close
Soybeans
November soybeans ended 15 1/2 cents higher at USD10.44; December soymeal ended USD0.50 higher at USD296.70; December soyoil settled 1.31 cents higher at 43.14 cents per pound. Hot temperatures in the Mississippi Delta are adding some weather premium to price with traders believing the weather will stress the crop. Demand from China remains strong, but record production potential in the US seems likely to cap any gains.
Corn
September corn ended 5 1/2 cents higher at USD4.11 3/4; December corn finished 5 1/2 cents higher at USD4.27 1/4. Although US crop conditions look generally pretty good, elsewhere in the world corn production potential is in decline. The worsening of world wheat prospects is also providing corn with a little fillip. China is set to reduce it's weekly corn auction volume from 1 MMT plus to only around 400,000 MT starting next week.
Wheat
CBOT December wheat closed down 9 1/2 cents at USD7.34 1/4; KCBT December wheat lost 2 cents to USD7.38; MGE December wheat fell 3 3/4 cents to USD7.28. Weather continues to be a concern for Russia, Kazakhstan and the eastern Ukraine. The trade seems undecided whether these crop losses have already been fully factored in however. Yesterday's USDA WASDE report in reality only trimmed the 2010/11 stocks to usage ratio for wheat from 28.0% to 26.3%.
November soybeans ended 15 1/2 cents higher at USD10.44; December soymeal ended USD0.50 higher at USD296.70; December soyoil settled 1.31 cents higher at 43.14 cents per pound. Hot temperatures in the Mississippi Delta are adding some weather premium to price with traders believing the weather will stress the crop. Demand from China remains strong, but record production potential in the US seems likely to cap any gains.
Corn
September corn ended 5 1/2 cents higher at USD4.11 3/4; December corn finished 5 1/2 cents higher at USD4.27 1/4. Although US crop conditions look generally pretty good, elsewhere in the world corn production potential is in decline. The worsening of world wheat prospects is also providing corn with a little fillip. China is set to reduce it's weekly corn auction volume from 1 MMT plus to only around 400,000 MT starting next week.
Wheat
CBOT December wheat closed down 9 1/2 cents at USD7.34 1/4; KCBT December wheat lost 2 cents to USD7.38; MGE December wheat fell 3 3/4 cents to USD7.28. Weather continues to be a concern for Russia, Kazakhstan and the eastern Ukraine. The trade seems undecided whether these crop losses have already been fully factored in however. Yesterday's USDA WASDE report in reality only trimmed the 2010/11 stocks to usage ratio for wheat from 28.0% to 26.3%.