CBOT Closing Comments
CORN
Corn futures closed lower and bearish weather forecasts and position squaring. Funds sold an estimated 5,000 lots Thursday. There is a wide range of estimates for deliveries against the September contract due to poor basis. Trade estimates are from 500-1500 (2.5 million bushels to 7.5 million bushels). Beneficial rains fell throughout Iowa and Minnesota pressuring corn lower, other areas in the CB remain dry and are in need of a rain to finish the crop. Open interest declined over 24,000 contracts on Wednesday, indicating further fund liquidation and positioning ahead of long weekend. USDA released export sales for last week this morning totaling 846,800 tonnes of old crop and new crop. Exports were higher than trade estimates of 450,000 to 750,000 tonnes. Sep -7 c at 5.70.
SOYBEANS
Soybeans suffered hefty losses in most contracts with nearby September declining the least. Funds were sellers of nearly 3,000 contracts and open interest fell 3,000 contracts on Wednesday. Beans pushed lower from plentiful rains over the past 24 hours and the forecast of additional rains throughout the Midwest and CB regions. USDA export sales were 143,000 tonnes slightly below the trade estimates. Sales were down due to cancellations of a combined 529,700 tonnes of old and new crop. Census Bureau released July US soy crush numbers early Thursday morning. Census reported 139.09 million bushels were crushed in July but was below the trade guess of 140.3 million bushels. Sep -15c at $13.32 Meal +6 at $368.60 BO -88 at 53.34.
WHEAT
Wheat futures tumbled again on Thursday, suffering double digits losses in numerous contracts. Wheat remains pressured by expectations of a huge global crop (670 million tonnes)! Funds were sellers of 2,500 contracts. September deliveries are estimated at 1,500-2,500 as wheat has an extremely wide basis. The Australian and Argentinean crop is improving as rains have dropped desperately need rains in much of the wheat regions in those countries. Export sales were within trade estimates, totaling 391,900 tonnes (366,900 tonnes for 08/09 and 25,000 tonnes for 09/10). Open interest dropped by 5,000 contracts on yesterday's sell off. CHI -13c at 7.89; KC -15c at 8.24; MPLS -20c at 8.55.
Corn futures closed lower and bearish weather forecasts and position squaring. Funds sold an estimated 5,000 lots Thursday. There is a wide range of estimates for deliveries against the September contract due to poor basis. Trade estimates are from 500-1500 (2.5 million bushels to 7.5 million bushels). Beneficial rains fell throughout Iowa and Minnesota pressuring corn lower, other areas in the CB remain dry and are in need of a rain to finish the crop. Open interest declined over 24,000 contracts on Wednesday, indicating further fund liquidation and positioning ahead of long weekend. USDA released export sales for last week this morning totaling 846,800 tonnes of old crop and new crop. Exports were higher than trade estimates of 450,000 to 750,000 tonnes. Sep -7 c at 5.70.
SOYBEANS
Soybeans suffered hefty losses in most contracts with nearby September declining the least. Funds were sellers of nearly 3,000 contracts and open interest fell 3,000 contracts on Wednesday. Beans pushed lower from plentiful rains over the past 24 hours and the forecast of additional rains throughout the Midwest and CB regions. USDA export sales were 143,000 tonnes slightly below the trade estimates. Sales were down due to cancellations of a combined 529,700 tonnes of old and new crop. Census Bureau released July US soy crush numbers early Thursday morning. Census reported 139.09 million bushels were crushed in July but was below the trade guess of 140.3 million bushels. Sep -15c at $13.32 Meal +6 at $368.60 BO -88 at 53.34.
WHEAT
Wheat futures tumbled again on Thursday, suffering double digits losses in numerous contracts. Wheat remains pressured by expectations of a huge global crop (670 million tonnes)! Funds were sellers of 2,500 contracts. September deliveries are estimated at 1,500-2,500 as wheat has an extremely wide basis. The Australian and Argentinean crop is improving as rains have dropped desperately need rains in much of the wheat regions in those countries. Export sales were within trade estimates, totaling 391,900 tonnes (366,900 tonnes for 08/09 and 25,000 tonnes for 09/10). Open interest dropped by 5,000 contracts on yesterday's sell off. CHI -13c at 7.89; KC -15c at 8.24; MPLS -20c at 8.55.
