CBOT Closing Comments
CORN
Corn futures rallied sharply on Friday, as the financial community became positively euphoric about the bailout "cocktail" unleashed by the government on Thursday and that halted the liquidation selling pressure from the hedge and index funds. The market also saw a little support from pessimistic reports of downed corn in the ECB caused by Hurricane Ike’s remnants. For the week prices were still down 21 cents, however. On Friday, Dec was up 15 cents at $5.42 1/4.
SOYBEANS
Soybeans futures were down on the week, but higher on Friday. Soy oil had a strong rally, limit up at times, thanks to rising prices for diesel fuel and its potential use as biodiesel. The better stock market performance was also seen as possibly signifying improved consumer demand later down the road. Beans, meal and oil were all lower for the week, due to demand concerns and also due to a deferral of frost threats to most of the growing area. November beans were up 27 1/2 cents on Friday at $11.43 1/2.
WHEAT
Wheat futures closed mostly 20 to 25 cents higher on Friday, erasing the damage done on Thursday and continuing a pattern of alternating up and down days while the market chews through competing visions of its future. World supplies are ample at the moment, and the US wasn’t sucessful in selling to the Egyptians. However, USDA’s weekly Export Sales report on Thursday was stronger than the trade had expected and Friday price action was higher once the larger threat of index fund selling abated. CHI Dec was up 25 1/4 at $7.18. KC was up 22 1/4 at $7.56 1/2 and MPLS Dec was up 21 cents at $7.85.
Corn futures rallied sharply on Friday, as the financial community became positively euphoric about the bailout "cocktail" unleashed by the government on Thursday and that halted the liquidation selling pressure from the hedge and index funds. The market also saw a little support from pessimistic reports of downed corn in the ECB caused by Hurricane Ike’s remnants. For the week prices were still down 21 cents, however. On Friday, Dec was up 15 cents at $5.42 1/4.
SOYBEANS
Soybeans futures were down on the week, but higher on Friday. Soy oil had a strong rally, limit up at times, thanks to rising prices for diesel fuel and its potential use as biodiesel. The better stock market performance was also seen as possibly signifying improved consumer demand later down the road. Beans, meal and oil were all lower for the week, due to demand concerns and also due to a deferral of frost threats to most of the growing area. November beans were up 27 1/2 cents on Friday at $11.43 1/2.
WHEAT
Wheat futures closed mostly 20 to 25 cents higher on Friday, erasing the damage done on Thursday and continuing a pattern of alternating up and down days while the market chews through competing visions of its future. World supplies are ample at the moment, and the US wasn’t sucessful in selling to the Egyptians. However, USDA’s weekly Export Sales report on Thursday was stronger than the trade had expected and Friday price action was higher once the larger threat of index fund selling abated. CHI Dec was up 25 1/4 at $7.18. KC was up 22 1/4 at $7.56 1/2 and MPLS Dec was up 21 cents at $7.85.
