CBOT Closing Comments
CORN
Corn futures closed limit down on long liquidation and financial melt downs in outside markets. Virtually every commodity was sharply lower with crude oil $5/barrel down breaching $90/barrel, and the Dow Jones lost more than 500 points. USDA export inspections were 33.528 MB for corn which was inside trade estimates. Dec -30 at 4.24.
SOYBEANS
Soybeans opened sharply lower as well and stayed that way before closing locked in the 70 cent limit down. Economic concerns are starting to take a toll on trade psychology even after Congress passed a bailout bill. Maybe it was too late to capture investor's and trader's confidence? Beans are being pushed lower as crude oil falls and the US Dollar Index soars. USDA export inspections were 12.174 MB and were within the trade estimates. Argentinean farmers remain on strike, halting exports of grains and livestock in order to protest against Government tariffs. Nov -70 at 9.22; Oct Meal -19.80 at 245.10; Oct BO -270 at 39.30.
WHEAT
Wheat futures closed sharply lower on Monday. Wheat was pushed lower as people liquidate positions in desire of cash with the attitude that nothing appears to be 'a safe bet.' USDA inspected 25.921 MB of US wheat for export; inspections were actually higher than anticipated by trade. Drought conditions continue to plague some parts of Australia. Dec CHI -45 at 5.95 1/4c.
Corn futures closed limit down on long liquidation and financial melt downs in outside markets. Virtually every commodity was sharply lower with crude oil $5/barrel down breaching $90/barrel, and the Dow Jones lost more than 500 points. USDA export inspections were 33.528 MB for corn which was inside trade estimates. Dec -30 at 4.24.
SOYBEANS
Soybeans opened sharply lower as well and stayed that way before closing locked in the 70 cent limit down. Economic concerns are starting to take a toll on trade psychology even after Congress passed a bailout bill. Maybe it was too late to capture investor's and trader's confidence? Beans are being pushed lower as crude oil falls and the US Dollar Index soars. USDA export inspections were 12.174 MB and were within the trade estimates. Argentinean farmers remain on strike, halting exports of grains and livestock in order to protest against Government tariffs. Nov -70 at 9.22; Oct Meal -19.80 at 245.10; Oct BO -270 at 39.30.
WHEAT
Wheat futures closed sharply lower on Monday. Wheat was pushed lower as people liquidate positions in desire of cash with the attitude that nothing appears to be 'a safe bet.' USDA inspected 25.921 MB of US wheat for export; inspections were actually higher than anticipated by trade. Drought conditions continue to plague some parts of Australia. Dec CHI -45 at 5.95 1/4c.
