CBOT Closing Comments


Corn futures closed lower on Halloween Friday but remained above the $4/bu bench mark. Outside markets which have influenced grains for the majority of the week continued Friday as the dollar strengthened and crude oil slipped under $65 per barrel during grain trading hours. South Korea has reportedly purchased 110,000 MT of US corn for feed purposes. Funds are sellers of an estimated 6,000 CBOT contracts. Weather remains favorable for harvest throughout the weekend and into the better part of next week. Dec -8 at 4.01.


Soybeans and the rest of the soy complex skidded lower Friday as funds were net sellers of 2,000 bean, 1,500 meal, and 2,000 bean oil contracts at the CBOT. Lower crude oil during trading hours and a higher dollar pushed beans lower. Today marked the first notice day for deliveries against the November contract, a surprising 641 deliveries were posted; basis is some areas may be worse than some trade anticipated. Weakness in crude oil and a rally in the US dollar index also weigh in on the soy complex. Nov -8 at 9.25; Dec Meal -10.30 at 273.00; Dec BO -88 at 33.60.


Wheat futures finished mixed in the nearby Dec contract at the three different exchanges on Friday with CHI and KC lower but MLPS slightly higher. Funds were quoted only selling 1,000 CBOT contracts but heavy spread trading of Dec/Mar was noted. Futures are pushed lower in weakness in corn futures, USDA could report winter wheat plantings near 95% complete Monday afternoon when crop progress report is released. Futures traded 8 to 10 lower during most of the day but late buying and profit taking for week/month end pushed prices off of their lows. Dec CHI -1 at 5.36; KC -1/2 at 5.73.