CBOT Closing Comments
Corn
Corn futures were trading with expanded limits of 45 cents Monday as a result from limit losses in several contracts Friday. Optimistic enthusiasm that the stock market may be bottoming and turning upward after severe losses pushed grains and their commodities higher throughout the day. Weekend weather aided harvest but forecasts of scattered showers for the first part of this week may delay some progress. Crude oil was also higher back above $80 per barrel, the US Dollar Index was also weaker. Dec +3 1/4c at 4.11 1/2.
Soybeans
The entire soy complex had expanded trading limits after prices tumbled on Friday after the release of a bearish crop production report and sharp declines in several outside markets. Oct meal and soybean oil contracts are set to expire tomorrow, but 271 deliveries were posted against Oct meal and 122 against Oct bean oil last Friday. Weather was ideal for soybean harvest last week and USDA should indicate harvest being close to 50% done tomorrow. Nov +18 at 9.28; Oct Meal +0.90 at 252.10; Oct BO +240 at 38.90.
Wheat
Wheat futures posting 20 plus cent gains as short covering as well as profit taking boosting prices. Egypt bought 120,000 MT of US SRW and Jordan has purchased 100,000 MT of hard wheat. Wheat received some bearish news Friday when USDA increased ending stocks, but might have some bullish outlook as several foreign countries lower 08/09 production estimates. Dec CHI +25 at 5.88 1/2.
Corn futures were trading with expanded limits of 45 cents Monday as a result from limit losses in several contracts Friday. Optimistic enthusiasm that the stock market may be bottoming and turning upward after severe losses pushed grains and their commodities higher throughout the day. Weekend weather aided harvest but forecasts of scattered showers for the first part of this week may delay some progress. Crude oil was also higher back above $80 per barrel, the US Dollar Index was also weaker. Dec +3 1/4c at 4.11 1/2.
Soybeans
The entire soy complex had expanded trading limits after prices tumbled on Friday after the release of a bearish crop production report and sharp declines in several outside markets. Oct meal and soybean oil contracts are set to expire tomorrow, but 271 deliveries were posted against Oct meal and 122 against Oct bean oil last Friday. Weather was ideal for soybean harvest last week and USDA should indicate harvest being close to 50% done tomorrow. Nov +18 at 9.28; Oct Meal +0.90 at 252.10; Oct BO +240 at 38.90.
Wheat
Wheat futures posting 20 plus cent gains as short covering as well as profit taking boosting prices. Egypt bought 120,000 MT of US SRW and Jordan has purchased 100,000 MT of hard wheat. Wheat received some bearish news Friday when USDA increased ending stocks, but might have some bullish outlook as several foreign countries lower 08/09 production estimates. Dec CHI +25 at 5.88 1/2.
