CBOT Closing Comments


Corn futures closed at or near limit down on fund liquidation and deleveraging. Panic and fears in investors is having a wide spread affect as they try to liquidate assets to acquire cash currency. Crude oil is lower but has firmed slightly from early morning lows, the dollar is higher both lean on prices. Corn not affected by hurricanes is maturing and drying down modestly. Dec -29 3/4c at 532 1/4/bushel.


Soybeans futures experienced steep declines throughout the day. Domestic and global financial crisis is creating a broad base liquidation and affecting most grains. Weather is forecast to be drier and warmer for the next week. Tight supply of beans should underpin the market but fear may drive prices lower. Nov -55c at 11.24; Oct Meal -$16 at 320.50; Oct BO -248 at 43.60.


Wheat futures closed heavily lower. CBOT wheat is being pulled lower by slumping corn and bean prices amid the current financial dilemma. Wheat futures have been pushed lower recently by the forecast of a record large world wheat crop but the Australian Gov't reduced their crop estimate by 5% to 22.5 MT even though beneficial rains have been aiding the crop. In other news, Japan bought 55,000 tonnes of US wheat, EU wheat prices firm for quality product due to little supply of high grade wheat despite the large crop. Dec -37c at 6.90/bushel.