CBOT Closing Comments


USDA reported earlier today that 21.241 million bushels were inspected as of 10/23/08 which was far below the 37.5mb needed to be on pace with the USDA’s projection for a 2.0 billion bushel total in the 2008/09 market year. This was also below the range of estimates for corn export inspection, between 28mb and 33mb. There are 47 weeks left in the 2008/09 market year though.This afternoon, USDA reported US corn harvested was 39% complete as of 10/26/08, up from 29% last week. At this time last year we were 70% completed. Also the USDA reported that US corn crop as of 10/26 at 96% mature, up from 93% reported on 10/19, but it was 100% at this time a year ago. Guarded bullish trading and spillover price support from a climbing US stock market helped corn futures to finish higher today. Harvest delays due to weather in the Corn Belt and some speculative buying also boosted corn. Closed Dec up 12-1/4 cents, at $3.85-1/4.


Soybean futures were higher, along with soy meal and soy oil. USDA reported earlier today that weekly soybean export inspection of 41.326mb which was well over expectations of 19.5mb this week. They appear to be on pace with the USDA’s projection for 1.050 bb in the 2008/9 market year. Trade estimates were for 28mb to 40mb. On a year over year basis, the US exports remains behind the last market year with 138.6mb inspected so far this year compared to 172.3 by this time last year.USDA reported this afternoon that soybean harvest as of 10/26 was 76% complete, up from 67% as of 10/19, but down from this time last year at 81%.Closed Nov soybeans up 29-1/4 cents, at $8.93; Dec Soymeal up $8.00, at $276.00; Dec Soyoil up 0.25, at 31.72 cents.


Wheat was higher at all three exchanges. Earlier today USDA reported weekly wheat inspection of 21.891mb which was within the range of estimates between 18 to 23mb. On a year over year basis, wheat exports are below 2007 levels, currently at 89% of last year’s cumulative exports at this time. There are 35 weeks left in wheat’s market year.This afternoon USDA reported winter wheat planted for 10/26 was 84%, up from 79% from 10/19, but down compared to 86% this time last year. Reported winter wheat emerged on 10/26 at 69%, up from 10/19 at 60%, and up compared to 66% this time last year. Closed Dec CHI up 13-1/4, at $5.29-1/2; KCBT up 17-1/2, at $5.64-1/2; MGEX up 22-3/4, at $6.24-1/2.