CBOT Closing Comments
Corn
Corn futures closed with the same tone they opened on Friday with most contracts experiencing sharp declines. Funds were net sellers of an estimated 8,000 contracts as late selling was noted. Crude oil was off almost $4 down to around $64/barrel, crude oil has dived nearly 60% since its price peak earlier this summer. Dow Jones was down over 300 points at 8379. Wet weather has delayed harvest but trade is anticipating 40% harvested when USDA releases their crop progress report Monday afternoon. Dec -17 at 3.72.
Soybeans
Soybeans had extreme volatile trade with being near 20 cents of both sides of steady on the day. Funds were sellers of 3,000 CBOT bean contracts, 1,000 meal, and 2,000 bean oil contracts. China has purchased 110,000 MT of us soybeans for 2008/2009. China has been absent in most part since before the Olympics. Argentina is planting currently planting beans and recent rains supplied ample soil moisture. USDA projects Argentina to harvest 50.5 MMT which is up from last year's crop of 46.5 MMT. Wet weather has also slowed and delayed harvest in many parts of the Corn Belt and may remain that way for several days. Nov -20 at 8.63; Dec Meal -7.0 at 268.30; Dec BO -135 at 31.47.
Wheat
Wheat futures closed modestly lower compared to other grains. Futures were pressured from the global financial melt down overnight as well as spillover selling pressure from corn and soybeans. Funds were net sellers of 1,000 CBOT contracts. Pakistan has issued a tender for 750,000 metric tonnes of wheat. Crop conditions and production reports continue to be mixed in both Argentina and Australia but total world production is still projected to top all previous records. The dollar index is soaring once again, up 1.21 points surpassing the 86 point mark. Argentina is forecast to receive much needed rains early next week but Australia continues to be severely dry in southern regions. Dec CHI -6 at 5.16; KC -6 at 5.47; MLPS -3 at 6.01.
Corn futures closed with the same tone they opened on Friday with most contracts experiencing sharp declines. Funds were net sellers of an estimated 8,000 contracts as late selling was noted. Crude oil was off almost $4 down to around $64/barrel, crude oil has dived nearly 60% since its price peak earlier this summer. Dow Jones was down over 300 points at 8379. Wet weather has delayed harvest but trade is anticipating 40% harvested when USDA releases their crop progress report Monday afternoon. Dec -17 at 3.72.
Soybeans
Soybeans had extreme volatile trade with being near 20 cents of both sides of steady on the day. Funds were sellers of 3,000 CBOT bean contracts, 1,000 meal, and 2,000 bean oil contracts. China has purchased 110,000 MT of us soybeans for 2008/2009. China has been absent in most part since before the Olympics. Argentina is planting currently planting beans and recent rains supplied ample soil moisture. USDA projects Argentina to harvest 50.5 MMT which is up from last year's crop of 46.5 MMT. Wet weather has also slowed and delayed harvest in many parts of the Corn Belt and may remain that way for several days. Nov -20 at 8.63; Dec Meal -7.0 at 268.30; Dec BO -135 at 31.47.
Wheat
Wheat futures closed modestly lower compared to other grains. Futures were pressured from the global financial melt down overnight as well as spillover selling pressure from corn and soybeans. Funds were net sellers of 1,000 CBOT contracts. Pakistan has issued a tender for 750,000 metric tonnes of wheat. Crop conditions and production reports continue to be mixed in both Argentina and Australia but total world production is still projected to top all previous records. The dollar index is soaring once again, up 1.21 points surpassing the 86 point mark. Argentina is forecast to receive much needed rains early next week but Australia continues to be severely dry in southern regions. Dec CHI -6 at 5.16; KC -6 at 5.47; MLPS -3 at 6.01.
