CBOT Closing Comments
CORN
Corn futures traded mostly choppy Friday to only close unchanged from the previous trading session. Trading limits were expanded to 45 cents today but will revert back to the norm of 30 cents on Monday. Profit taking and some short covering helped prices higher, but it was the same story today and prices sold off at near the close. Weather is forecast to be dry with normal to above normal temps throughout the weekend but possible chances for scattered showers early next week. Israel issued a tender for 24,000 tonnes. Dec +0 at 4.54.
SOYBEANS
Soybeans started higher after the first bell, then traded mostly sideways until late in the session and closed softer. House approved the Senate's rescue plan after voting occurred Friday, some believe it may be too late or will not be as beneficial as the first plan proposed. Weather conditions are bearish for prices, beans are drying down at an accelerating rate allowing for harvest to speed up and delivery beans to the supply chain. Crude oil traded higher at times but closed lower adding pressure to bean futures. October Bean Oil had 3,552 deliveries posted against it. Nov -12 at 9.92; Oct Meal -4.50 at 264.90; Oct BO -71 at 42.00.
WHEAT
Wheat futures bounced higher despite declines in soybeans and corn settling unchanged. Wheat futures did receive little technical help, as most contracts were due for some type of a bounce after aggressive selling. Drier weather should help winter wheat plantings and in some southern regions plantings may be finishing up, if that is the case scattered rains next week would be beneficial to crops and continue to weigh in on prices. Reports of rain falling in dry areas in parts of Argentina should benefit crop conditions. Dec CHI +10 at 6.46; KC +4 at 6.40; MLPS -1 at 7.02.
Corn futures traded mostly choppy Friday to only close unchanged from the previous trading session. Trading limits were expanded to 45 cents today but will revert back to the norm of 30 cents on Monday. Profit taking and some short covering helped prices higher, but it was the same story today and prices sold off at near the close. Weather is forecast to be dry with normal to above normal temps throughout the weekend but possible chances for scattered showers early next week. Israel issued a tender for 24,000 tonnes. Dec +0 at 4.54.
SOYBEANS
Soybeans started higher after the first bell, then traded mostly sideways until late in the session and closed softer. House approved the Senate's rescue plan after voting occurred Friday, some believe it may be too late or will not be as beneficial as the first plan proposed. Weather conditions are bearish for prices, beans are drying down at an accelerating rate allowing for harvest to speed up and delivery beans to the supply chain. Crude oil traded higher at times but closed lower adding pressure to bean futures. October Bean Oil had 3,552 deliveries posted against it. Nov -12 at 9.92; Oct Meal -4.50 at 264.90; Oct BO -71 at 42.00.
WHEAT
Wheat futures bounced higher despite declines in soybeans and corn settling unchanged. Wheat futures did receive little technical help, as most contracts were due for some type of a bounce after aggressive selling. Drier weather should help winter wheat plantings and in some southern regions plantings may be finishing up, if that is the case scattered rains next week would be beneficial to crops and continue to weigh in on prices. Reports of rain falling in dry areas in parts of Argentina should benefit crop conditions. Dec CHI +10 at 6.46; KC +4 at 6.40; MLPS -1 at 7.02.
