CBOT Closing Comments
Corn
Corn futures dropped double digits in trade on Thursday. USDA reported 433,800 MT were sold for exports last week which was within trade estimates. VeraSun confirmed their financial troubles when they announced $480 million loss for the third quarter. Weather this week has allowed farmers and producers to ramp harvest back up to get closer to completion. Crude oil pushed below $50 per barrel its lowest level since 2005 era. Dec -15 at 3.63.
SoybeanS
Soybeans and the rest of the soy complex had steep losses when the final bell rang Thursday. USDA showed 790,800 metric tonnes were sold for export last week and was well above trade estimates of 500,000 to 650,000 MT. Weakness in crude oil and the dollar soaring past the $88 point mark pressure prices sharply lower. Weather has improved this week and should permit producers to wrap bean harvest up by next week. Jan -41 at 8.56; Dec Meal -10.50 at 257.20; Dec BO -1.34 at 30.63.
Wheat
Wheat futures closed lower across the board today, the heaviest pressure in CBOT contracts. USDA reported export sales of 511,000 metric tonnes, slightly above trade estimates of 400,000 to 500,000 MT. Japan is quoted buying 91,000 tonnes of US wheat but also purchased some from Russia. Global wheat production and global fears of worse times to come pressured futures lower. Dec CHI -15 at 5.11; KC -11 5.48 ;MLPS -4 at 6.00.
Corn futures dropped double digits in trade on Thursday. USDA reported 433,800 MT were sold for exports last week which was within trade estimates. VeraSun confirmed their financial troubles when they announced $480 million loss for the third quarter. Weather this week has allowed farmers and producers to ramp harvest back up to get closer to completion. Crude oil pushed below $50 per barrel its lowest level since 2005 era. Dec -15 at 3.63.
SoybeanS
Soybeans and the rest of the soy complex had steep losses when the final bell rang Thursday. USDA showed 790,800 metric tonnes were sold for export last week and was well above trade estimates of 500,000 to 650,000 MT. Weakness in crude oil and the dollar soaring past the $88 point mark pressure prices sharply lower. Weather has improved this week and should permit producers to wrap bean harvest up by next week. Jan -41 at 8.56; Dec Meal -10.50 at 257.20; Dec BO -1.34 at 30.63.
Wheat
Wheat futures closed lower across the board today, the heaviest pressure in CBOT contracts. USDA reported export sales of 511,000 metric tonnes, slightly above trade estimates of 400,000 to 500,000 MT. Japan is quoted buying 91,000 tonnes of US wheat but also purchased some from Russia. Global wheat production and global fears of worse times to come pressured futures lower. Dec CHI -15 at 5.11; KC -11 5.48 ;MLPS -4 at 6.00.
