CBOT Close


Dec 08 futures closed below $3.80/bu for the first time in nearly 3 weeks. Funds were net sellers of 5,000 CBOT contracts in the pit. USDA reported export sales of 471,300 metric tonnes but was within trade estimates. Weather conditions are forecast unfavorable for the weekend as much of the CB should receive rain and some areas even getting snow. Field loss may be inevitable with heavy amounts of moisture and high winds, stocks will deteriorate and make it difficult to pick up all the corn. Dec -12 at 3.78.


Soybeans rallied back to finish higher on the day in the two front months after losing nearly 20 cents at midday. Nearby contracts were supported by higher bean oil, decent exports, and short covering. USDA reported export sales of 896,000 metric tones well within the trade estimates of 700,000 to 1,000,000 MT. China was the largest recipient, taking 642,500 MT which is almost 72% of total exports. Beans could receive some fresh bullish fundamental news when the WASDE report will be released Monday; trade is looking for a reduced projected soybean production number. Funds were net sellers of 1,000 beans and meal contracts. Deliveries were bleak with 14 against the November contract. Nov +4 at 8.99; Dec Meal -2.20 at 262.80; Dec BO +.15 at 34.17.


Wheat futures dropped double digits in most contracts at the different exchanges Thursday. Funds were quoted selling 2,000 CBOT contracts. Renewed strength in the dollar and weakness in crude oil push futures lower. USDA reported export sales of 379,300 metric tonnes which was on the lower side of trade estimates (300,000 to 500,000). Argentina may lower production than a year ago as drought weather declines yields. Even with some production issues in the southern hemisphere, US wheat futures have been unable to shrug the fact that the world should harvest a record wheat crop of more than 680 MT. Dec CHI -14 at 5.22; KC -13 at 5.63; MLPS -10 at 6.34.