CBOT Closing Comments
Soybeans
August soybeans closed at USD10.48 1/2, down 10 1/2 cents; August soybean meal closed at USD311.10, down USD2.50; August soybean oil closed at 41.72, up 33 points. The USDA crop progress report released after the close pegged soybean good/excellent conditions at 66%, unchanged from last week and last year. Blooming was at 93%, up 7 points from last week and 8 points from last year. Chinese demand continues with the USDA announcing fresh sales of 284,000 MT again today.
Corn
September corn closed at USD4.03, down 2 cents; December corn closed at USD4.18, also down 2 cents. The USDA crop progress report for this afternoon had corn good/excellent condition at 71%, unchanged from last week and last year. Corn silking was at 97%, up 4 points from last week and 10 from last year. Uncertainty over wheat's price direction looks like keeping corn bears away from selling this market too short. If wheat can hold, or even appreciate from here, then demand for corn should remain strong.
Wheat
Sept CBOT wheat closed at USD7.12 1/2, down 13 1/4 cents; Sept KCBT wheat closed unchanged at $7.20; Sept MGEX wheat closed at USD7.15 1/4, down 7 3/4 cents. Wheat didn't seem to know what to do during another volatile session. News out of Russia suggests that the export ban could extend beyond Dec 31st. SovEcon now peg the Russian crop at 43-44 MMT and exports at only 3 MMT. The USDA’s crop progress report had spring wheat good/excellent at 82%, unchanged from last week and up 10 points from last year. Winter wheat harvested was at 87 %, up 4 points from last week and 2 points behind last year. Spring wheat harvested was at 20%.
August soybeans closed at USD10.48 1/2, down 10 1/2 cents; August soybean meal closed at USD311.10, down USD2.50; August soybean oil closed at 41.72, up 33 points. The USDA crop progress report released after the close pegged soybean good/excellent conditions at 66%, unchanged from last week and last year. Blooming was at 93%, up 7 points from last week and 8 points from last year. Chinese demand continues with the USDA announcing fresh sales of 284,000 MT again today.
Corn
September corn closed at USD4.03, down 2 cents; December corn closed at USD4.18, also down 2 cents. The USDA crop progress report for this afternoon had corn good/excellent condition at 71%, unchanged from last week and last year. Corn silking was at 97%, up 4 points from last week and 10 from last year. Uncertainty over wheat's price direction looks like keeping corn bears away from selling this market too short. If wheat can hold, or even appreciate from here, then demand for corn should remain strong.
Wheat
Sept CBOT wheat closed at USD7.12 1/2, down 13 1/4 cents; Sept KCBT wheat closed unchanged at $7.20; Sept MGEX wheat closed at USD7.15 1/4, down 7 3/4 cents. Wheat didn't seem to know what to do during another volatile session. News out of Russia suggests that the export ban could extend beyond Dec 31st. SovEcon now peg the Russian crop at 43-44 MMT and exports at only 3 MMT. The USDA’s crop progress report had spring wheat good/excellent at 82%, unchanged from last week and up 10 points from last year. Winter wheat harvested was at 87 %, up 4 points from last week and 2 points behind last year. Spring wheat harvested was at 20%.