CBOT Closing Comments
CORN
Corn futures closed lower on a firm dollar and bearish techinicals. Corn traders have lacked any real fresh news to help give direction. Some are trying square positions ahead of the 3 day weekend, and month end. End users are not seen as huge buyers at these prices. Dry weather and talk of a possible early frost continue to underpin the market as yield could be in jeopardy. Funds sold an estimated 5,000 contracts. Spread trading as well as rolling out of nearby September contracts was a element in today's trade. Sep -5 at 5.75.
SOYBEANS
Soybeans closed slightly lower, to almost flat. Beans tried to figure out just what direction they want to lean towards but no large movement in either direction. Weather underpins beans as well, pod filling should be in full mode as the plant is in one of the last development stages. Funds were sellers of 1,000 contracts. Strength in crude oil was seen adding support to beans. Sep -1c at 13.37; Meal +10 at 367.20; BO -60 at 53.92.
WHEAT
Wheat futures saw the biggest lose on the CBT today. Wheat is pushed lower on a combination of factors. Key rainfall in dry areas in Australia, encouragement of a record size global crop, and a stronger dollar all weigh in on wheat prices. Spring wheat harvest is over 60% complete, condition ratings remain around 55%. Wheat continues to have good buying demand, although it may be slipping; exports continue to be beneficial to adding support. CHI -9c at 8.30; KC -12 at 8.65; MPLS -18 at 8.96
Corn futures closed lower on a firm dollar and bearish techinicals. Corn traders have lacked any real fresh news to help give direction. Some are trying square positions ahead of the 3 day weekend, and month end. End users are not seen as huge buyers at these prices. Dry weather and talk of a possible early frost continue to underpin the market as yield could be in jeopardy. Funds sold an estimated 5,000 contracts. Spread trading as well as rolling out of nearby September contracts was a element in today's trade. Sep -5 at 5.75.
SOYBEANS
Soybeans closed slightly lower, to almost flat. Beans tried to figure out just what direction they want to lean towards but no large movement in either direction. Weather underpins beans as well, pod filling should be in full mode as the plant is in one of the last development stages. Funds were sellers of 1,000 contracts. Strength in crude oil was seen adding support to beans. Sep -1c at 13.37; Meal +10 at 367.20; BO -60 at 53.92.
WHEAT
Wheat futures saw the biggest lose on the CBT today. Wheat is pushed lower on a combination of factors. Key rainfall in dry areas in Australia, encouragement of a record size global crop, and a stronger dollar all weigh in on wheat prices. Spring wheat harvest is over 60% complete, condition ratings remain around 55%. Wheat continues to have good buying demand, although it may be slipping; exports continue to be beneficial to adding support. CHI -9c at 8.30; KC -12 at 8.65; MPLS -18 at 8.96
