CBOT Closing Comments
CORN
Corn futures closed at or near limit down as they continue on a downward trend. Panic has arrived in commodities as Congress attempts to restructure their bail out plan; Senate has passed their version and now lies in the House's hands for approval. Terms of the revised plan is not setting well with the general public or with traders as they show by selling off commodities in an aggressive way. USDA Weekly export sales were 568,500 MT, up about 4% from the previous week. Crude oil was also sharply lower. Dec -30 at 4.54.
SOYBEANS
Soybeans closed around 50c lower on economic woes and uncertainties. USDA export sales were below trade estimates for last week, totally 471,000 tonnes. Weather is favorable for harvest and maturing late beans. There has been talk of rumours that prices HAVE to be bid higher in order to entice farmers to grown more of one crop rather than another, but that can also be achieved by which commodity declines the least, fundamentals are mixed, yield variations is adding some support. Nov -49c at 10.04; Oct Meal -11.40 at 269.40; Oct BO -149 at 42.71.
WHEAT
Wheat futures followed corn and soybeans lower on what appears to be another broad base selloff. USDA reported export sales of 671,900 tonnes of wheat; sales were about most trade estimates which were 300,000-500,000 tonnes. South Korea bought 23,000 tonnes of US wheat. Wheat exports are surprising better than expected of late. Record global crop and recently strength in the dollar should be bearish to US wheat. Dec CHI -33.75c at 6.36.
Corn futures closed at or near limit down as they continue on a downward trend. Panic has arrived in commodities as Congress attempts to restructure their bail out plan; Senate has passed their version and now lies in the House's hands for approval. Terms of the revised plan is not setting well with the general public or with traders as they show by selling off commodities in an aggressive way. USDA Weekly export sales were 568,500 MT, up about 4% from the previous week. Crude oil was also sharply lower. Dec -30 at 4.54.
SOYBEANS
Soybeans closed around 50c lower on economic woes and uncertainties. USDA export sales were below trade estimates for last week, totally 471,000 tonnes. Weather is favorable for harvest and maturing late beans. There has been talk of rumours that prices HAVE to be bid higher in order to entice farmers to grown more of one crop rather than another, but that can also be achieved by which commodity declines the least, fundamentals are mixed, yield variations is adding some support. Nov -49c at 10.04; Oct Meal -11.40 at 269.40; Oct BO -149 at 42.71.
WHEAT
Wheat futures followed corn and soybeans lower on what appears to be another broad base selloff. USDA reported export sales of 671,900 tonnes of wheat; sales were about most trade estimates which were 300,000-500,000 tonnes. South Korea bought 23,000 tonnes of US wheat. Wheat exports are surprising better than expected of late. Record global crop and recently strength in the dollar should be bearish to US wheat. Dec CHI -33.75c at 6.36.
