CBOT Closing Comments


Corn futures closed lower in all contracts with nearby declining the most. Investors and traders remain nervous on an unstable financial market with politicians stall the passage rescue plan, presidential election politics are rumored to be behind the delay. Prices broke through some key resistance earlier in the week but failed to test on Friday some view the break through bullish, even though prices have declined some 20 cents since. Funds sold an estimated 5,000 CBOT contracts on Friday. Weather is friendly short term; however, more moisture is expected beyond the next 7 days possibly delaying harvest further. Farmers remain skeptical about production until they actually begin to get into fields to better assess yields. Dec -15c at 5.43.


Soybeans and other CBOT soy products finished lower Friday with meal receiving the most pressure. Freshly harvested beans widen basis, but fundamentals do have slight bullish tone not allowing beans to fall out of bed. Funds were net sellers of 2,000 beans, 1,000 meal, and 1,000 bean oil contracts. Weather is benefiting late maturing beans, allowing some harvest to take place. Crude oil was down about $1.30 also weighing in on prices. Nov -19 at 11.64 Oct Meal -8.40 at 315.00 Oct BO -37 at 47.40


Wheat futures lost double digit gains at the three different exchanges Friday. Wheat had spillover selling pressure from corn and soybeans, and was also effected by Congress delaying approval of their bailout plan as consumers and traders become uneasy prices may turn volatile next week. Funds were sellers of an estimated 3,000 CBOT contracts. Southern plains will be mostly dry with above normal temps, but some northern regions where winter wheat plantings are still underway may be delayed by scattered rains next week. Exports were disappointing for last week; with an increasing global supply export sales will be crucial for wheat prices in upcoming months. Dec CHI -20c at 7.16; KC -19c at 7.45; MLPS -16 at 7.89.