CBOT Closing Comments
CORN
Corn futures closed moderately higher on Thursday. Spread trading and technical buying was a major theme in the pit today. Funds bought an estimated 2,000 contracts but corn remains pressured by favorable rains insuring ear filling potential. Deliveries against the September contract reached 102 contracts. The US dollar index continues to strengthen pushing most commodities lower; crude oil had another off day settling around $107 per barrel and weighed in on corn prices. Open interest fell tremendously yesterday, dropping over 10,000 contracts another signal funds are leaving the playing field. South Korea bought 55,000 tonnes of US corn adding support. Sep +2c at 5.49/bushel.
SOYBEANS
Soybean futures shot lower on firmness in the dollar and declining crude oil. Funds were net sellers of soybeans, and are quoted selling 2,000 lots of beans and 2,000 contracts in bean oil. Rains that fell over the past few days should benefit pod filling and scattered showers are forecast throughout the weekend which is bearish as the crop lacks maturity but could turn bullish if rains are forecast for an extended period. China continues to be absent in buying bulk amount of beans and soy products. Argentinean farmers remain unsatisfied with current legislation on tariffs and are blocking some exports. Sep -17c at 12.34; Meal +$2.3 at $355.40; Soyoil -95 at 49.53/lb.
WHEAT
Wheat futures shrugged off declines in soybeans, gaining strength to close higher on the day. Most wheat contracts are attempting to firm up after steady selling pressure over the last two weeks that pushed prices lower. Support came from Louis Dreyfus when they pegged Australia's crop at 21-22 million tonnes moderately lower than Australia's government estimate of 23.7 million tonnes. Reports of Argentina's crop being stressed by lack of moisture once again, help support most contracts. Sep CHI +3 at 7.55; KC +1 at 8.00; MPLS -1 at 8.34.
Corn futures closed moderately higher on Thursday. Spread trading and technical buying was a major theme in the pit today. Funds bought an estimated 2,000 contracts but corn remains pressured by favorable rains insuring ear filling potential. Deliveries against the September contract reached 102 contracts. The US dollar index continues to strengthen pushing most commodities lower; crude oil had another off day settling around $107 per barrel and weighed in on corn prices. Open interest fell tremendously yesterday, dropping over 10,000 contracts another signal funds are leaving the playing field. South Korea bought 55,000 tonnes of US corn adding support. Sep +2c at 5.49/bushel.
SOYBEANS
Soybean futures shot lower on firmness in the dollar and declining crude oil. Funds were net sellers of soybeans, and are quoted selling 2,000 lots of beans and 2,000 contracts in bean oil. Rains that fell over the past few days should benefit pod filling and scattered showers are forecast throughout the weekend which is bearish as the crop lacks maturity but could turn bullish if rains are forecast for an extended period. China continues to be absent in buying bulk amount of beans and soy products. Argentinean farmers remain unsatisfied with current legislation on tariffs and are blocking some exports. Sep -17c at 12.34; Meal +$2.3 at $355.40; Soyoil -95 at 49.53/lb.
WHEAT
Wheat futures shrugged off declines in soybeans, gaining strength to close higher on the day. Most wheat contracts are attempting to firm up after steady selling pressure over the last two weeks that pushed prices lower. Support came from Louis Dreyfus when they pegged Australia's crop at 21-22 million tonnes moderately lower than Australia's government estimate of 23.7 million tonnes. Reports of Argentina's crop being stressed by lack of moisture once again, help support most contracts. Sep CHI +3 at 7.55; KC +1 at 8.00; MPLS -1 at 8.34.
