CBOT Closing Comments
CORN
Corn futures closed higher for the second consecutive day, although, the Dec 08 contract gained a mere 4 cents in the past two days, hardly a news flash. Outside markets limited upside potential in grains, crude oil and gold finished lower with the dollar bouncing higher. Funds were buyers of an estimated 3,000 CBOT contracts. Wet and cooler weather will delay harvest even further and increase the likelihood of not harvesting all eligible acres. Some forecast a freeze next week for the northern plains, but with 90% of the corn crop dented damage to yield may be sparse. Dec +2c at 5.63.
SOYBEANS
Soybeans closed unchanged in nearby contracts and slightly lower in deferred months. China reappeared on the buying field after being mostly absent since the Olympics buying 180,000 tonnes of soybeans from the US. Statistics for August US Census crush will be released tomorrow giving some fresh news to traders. Funds were net buyers of 1,000 beans, 1,000 meal, and 1,000 soybean oil contracts Wednesday. Harvest is gaining momentum adding to the supply and widening basis in harvest areas but damp cool weather is delaying combining in other regions. Nov +0 at 11.87 Oct Meal +2.30 at 327.60 Oct BO -4 at 47.70
WHEAT
Wheat futures were unable to hold any neutral to bullish support as nearby contract had double digit declines at the three different exchanges. Fundamentals remain bearish, funds sold an estimated CBOT 3,000 contracts with news that Iraq skipped US again this week and bought 200,000 tonnes of Russian wheat. Estimates of record large world crop continue to lean on prices but drought concerns exist in some southern hemisphere growing area. Dec CHI -20c at 7.30; KC -22c at 7.59; MLPS -14c at 7.96.
Corn futures closed higher for the second consecutive day, although, the Dec 08 contract gained a mere 4 cents in the past two days, hardly a news flash. Outside markets limited upside potential in grains, crude oil and gold finished lower with the dollar bouncing higher. Funds were buyers of an estimated 3,000 CBOT contracts. Wet and cooler weather will delay harvest even further and increase the likelihood of not harvesting all eligible acres. Some forecast a freeze next week for the northern plains, but with 90% of the corn crop dented damage to yield may be sparse. Dec +2c at 5.63.
SOYBEANS
Soybeans closed unchanged in nearby contracts and slightly lower in deferred months. China reappeared on the buying field after being mostly absent since the Olympics buying 180,000 tonnes of soybeans from the US. Statistics for August US Census crush will be released tomorrow giving some fresh news to traders. Funds were net buyers of 1,000 beans, 1,000 meal, and 1,000 soybean oil contracts Wednesday. Harvest is gaining momentum adding to the supply and widening basis in harvest areas but damp cool weather is delaying combining in other regions. Nov +0 at 11.87 Oct Meal +2.30 at 327.60 Oct BO -4 at 47.70
WHEAT
Wheat futures were unable to hold any neutral to bullish support as nearby contract had double digit declines at the three different exchanges. Fundamentals remain bearish, funds sold an estimated CBOT 3,000 contracts with news that Iraq skipped US again this week and bought 200,000 tonnes of Russian wheat. Estimates of record large world crop continue to lean on prices but drought concerns exist in some southern hemisphere growing area. Dec CHI -20c at 7.30; KC -22c at 7.59; MLPS -14c at 7.96.
