CBOT Closing Comments
Soybeans
August soybeans closed at USD10.559, up 4 cents; August soybean meal closed at USD313.60, unchanged; August soybean oil closed at 41.39, up 13 points. Beans would probably closed higher but for spillover weakness from limit down wheat. The USDA announced another purchase of 336,000 MT of soybeans fby China, bringing this week’s total announcements to 1,251,000 MT for 2010/11 delivery. Exports for 2009/10 have already exceed 2008/09 by 3,699,200 MT.
Corn
September corn closed at USD4.03 1/4, up 3 1/4 cents; December corn closed at USD4.18, up 3 cents. Corn benefited from the notion that the recent price rise in wheat will spur increased demand for corn. Analysts are already starting to look ahead to next Thursday's supply and demand report from the USDA. FC Stone and Informa both peg the corn crop at 13.4 billion bushels, compared to the USDA’s July estimate of 13.245 billion.
Wheat
Wheat futures fell by the 60 cent limit today on all three exchanges but were still up 64, 46 and 35 cents for the week on the CBOT, KCBT and MGEX respectively. Russia's deputy prime minister said that the ban on exports would be reviewed after the harvest is complete, sooner than the Dec 31st deadline set earlier in the week. Pre-weekend profit taking was also a factor, funds sold an estimated 15,000 CBOT contracts on the day.
August soybeans closed at USD10.559, up 4 cents; August soybean meal closed at USD313.60, unchanged; August soybean oil closed at 41.39, up 13 points. Beans would probably closed higher but for spillover weakness from limit down wheat. The USDA announced another purchase of 336,000 MT of soybeans fby China, bringing this week’s total announcements to 1,251,000 MT for 2010/11 delivery. Exports for 2009/10 have already exceed 2008/09 by 3,699,200 MT.
Corn
September corn closed at USD4.03 1/4, up 3 1/4 cents; December corn closed at USD4.18, up 3 cents. Corn benefited from the notion that the recent price rise in wheat will spur increased demand for corn. Analysts are already starting to look ahead to next Thursday's supply and demand report from the USDA. FC Stone and Informa both peg the corn crop at 13.4 billion bushels, compared to the USDA’s July estimate of 13.245 billion.
Wheat
Wheat futures fell by the 60 cent limit today on all three exchanges but were still up 64, 46 and 35 cents for the week on the CBOT, KCBT and MGEX respectively. Russia's deputy prime minister said that the ban on exports would be reviewed after the harvest is complete, sooner than the Dec 31st deadline set earlier in the week. Pre-weekend profit taking was also a factor, funds sold an estimated 15,000 CBOT contracts on the day.