CBOT Closing Comments


Corn futures closed down slightly on Tuesday after posting losses near 20 cents in morning trade. Funds sold an estimated 4,000 contracts as they continue to depart from commodities. Threats of frost and lower dollar helped support corn. No contracts issued delivery against the September month. A frost within in the next 10 days is less likely, especially with more than adequate soil moisture. Sep -3c at 5.29/bushel.


Soybean futures had an extremely choppy day but closed higher. Soybeans opened down significantly but started to rally by midday and found enough buying interest to close higher. Funds bought an estimated 3,000 bean contracts, 2,000 meal contracts but sold 2,000 bean oil lots. Crude tumbled lower losing over $4/barrel to settle at $102, its lowest level since late March. Beans rallied on new forecasts for a potential frost as bean continue to lag behind last year's crop and also the five year average. Sep Beans +14c at 12.09; Meal +6.6 at 341.20; BO -35 at 48.18/lb.


Wheat futures closed lower as they were unable to rally back as hard like corn and soybeans. Funds sold an estimated 3,000 CBOT contracts. Trade will be eyeing the release of updates concerning Canada's crop estimates. Beneficial rains continue to fall in key growing areas in Australia as that crop is early reproductive states. EU prices fall to 14 month lows both are bearish to CBOT wheat futures. SRW basis still remains $2/bushel under the December contract. Japan bought 107,000 tonnes of US wheat helped limit some losses. Deliveries posted against the CBOT September contract totaled 540. Sep CHI -11c at 7.11; at KC -8c at 7.54; MPSL -13 at 7.90/bushel.