CBOT Closing Comments
Soybeans
August soybeans closed at USD10.53 1/4, up 3/4 cent; August soybean meal closed at USD310.90, unchanged; August soybean oil closed at 40.44, up 61 points. Soybean export inspections were below trade expectations at 5.933 million bushels. The USDA confirmed the sale of 116,000 MT of soybeans to China and 130,000 MT to unknown for 2010/11 delivery. Crop condition ratings fell a point from last week in the good to excellent category to 66%.
Corn
September corn closed at USD3.90 1/2, down 2 1/4 cents; December corn closed at USD4.04 1/2, down 2 1/4 cents. Weekly crop progress report showed corn conditions deteriorated from the previous week by a point to 71% in the good to excellent category. The USDA also confirmed the sale of 232,000 MT of U.S. corn to unknown for 2010/11 delivery. Spillover strength from wheat also lent support.
Wheat
Sept CBOT wheat closed at USD6.93 1/4, up 31 3/4 cents; Sept KCBT wheat closed at USD7.00 1/2, up 26 cents; Sept MGEX wheat closed at USD7.13 1/4, up 25 1/2 cents. The trade perception seems to suddenly be focused on sharply lower Russian production. Export inspections were 22.043 million bushels. The crop progress report showed 83% of the winter wheat harvested compared to 88% for the five year average. Spring wheat harvest is at 5% compared to 13% for the five year average
August soybeans closed at USD10.53 1/4, up 3/4 cent; August soybean meal closed at USD310.90, unchanged; August soybean oil closed at 40.44, up 61 points. Soybean export inspections were below trade expectations at 5.933 million bushels. The USDA confirmed the sale of 116,000 MT of soybeans to China and 130,000 MT to unknown for 2010/11 delivery. Crop condition ratings fell a point from last week in the good to excellent category to 66%.
Corn
September corn closed at USD3.90 1/2, down 2 1/4 cents; December corn closed at USD4.04 1/2, down 2 1/4 cents. Weekly crop progress report showed corn conditions deteriorated from the previous week by a point to 71% in the good to excellent category. The USDA also confirmed the sale of 232,000 MT of U.S. corn to unknown for 2010/11 delivery. Spillover strength from wheat also lent support.
Wheat
Sept CBOT wheat closed at USD6.93 1/4, up 31 3/4 cents; Sept KCBT wheat closed at USD7.00 1/2, up 26 cents; Sept MGEX wheat closed at USD7.13 1/4, up 25 1/2 cents. The trade perception seems to suddenly be focused on sharply lower Russian production. Export inspections were 22.043 million bushels. The crop progress report showed 83% of the winter wheat harvested compared to 88% for the five year average. Spring wheat harvest is at 5% compared to 13% for the five year average