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. Early weakness soon dissipated. The weak dollar is certainly helping US sales hold up. The USDA announced sales of 223,000 MT of soybeans for 2010/11 delivery to China today, in addition to yesterday’s announcement of 116,000 MT to the same location and 130,000 MT to unknown.
Corn
September corn closed at USD3.90 1/2, down 2 1/4 cents; December corn closed at USD4.04 1/2, also down 2 1/4 cents. Spillover pressure from wheat futures weighed on prices combined with generally favourable crop conditions. USDA weekly crop ratings declined 1% for corn last night. Private analysts’ yield and production estimates will start this week with Informa releasing their numbers on Thursday.
Wheat
CBOT September wheat closed down 13 1/4 cents at USD6.80 a bushel; KCBT September wheat fell 15 1/2 cents to USD6.85; MGE September wheat closed 16 1/4 cents lower at USD6.97. Wheat futures took back some of yesterdays gains although the bulls are still in the driving seat. The USDA reported a sale of 110,000 MT of HRW for delivery to unknown destinations. The USDA report the winter wheat harvest at 83% complete vs. 88% normally. The spring wheat harvest is 5% complete vs. 13% on 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. Early weakness soon dissipated. The weak dollar is certainly helping US sales hold up. The USDA announced sales of 223,000 MT of soybeans for 2010/11 delivery to China today, in addition to yesterday’s announcement of 116,000 MT to the same location and 130,000 MT to unknown.
Corn
September corn closed at USD3.90 1/2, down 2 1/4 cents; December corn closed at USD4.04 1/2, also down 2 1/4 cents. Spillover pressure from wheat futures weighed on prices combined with generally favourable crop conditions. USDA weekly crop ratings declined 1% for corn last night. Private analysts’ yield and production estimates will start this week with Informa releasing their numbers on Thursday.
Wheat
CBOT September wheat closed down 13 1/4 cents at USD6.80 a bushel; KCBT September wheat fell 15 1/2 cents to USD6.85; MGE September wheat closed 16 1/4 cents lower at USD6.97. Wheat futures took back some of yesterdays gains although the bulls are still in the driving seat. The USDA reported a sale of 110,000 MT of HRW for delivery to unknown destinations. The USDA report the winter wheat harvest at 83% complete vs. 88% normally. The spring wheat harvest is 5% complete vs. 13% on average.