CBOT Closing Comments
Corn
Corn futures closed slightly higher on a relatively quiet day. Weather was unfavorable to allow much harvest progress but the weekend and next week appear to have a better forecast in store for producers. Exports sales for last week totaled 357,800 MT, which was a little disappointing, trade anticipated sales between 400,000 and 600,000 MT. Despite yesterday's late rally in the Dow Jones corn was unable to hold overnight gains. Crude oil was lower throughout the trading session today and weighed in on prices. Dec +3 at 3.80.
Soybeans
Soybeans closed Friday with near double digit losses. The November contract expired today at noon, 275 delivers were posted against it as of last evening. USDA released in their delayed export sales report this morning that 478,400 metric tonnes were exported, which was below trade estimates of 550,000 to 750,000 MT. NOPA released their soy crush data this morning as well; indicating that 143.4 million bushels were crushed in October, slightly above the average trade guess of 142 MB, meal exports for Oct totaled 581,175 tons, sharply higher than in Sep and soyoil stocks were steady with Sept at 1.984 billion pounds. Nov -9 at 8.78; Dec Meal +1.5 at 265.50; Dec BO -21 at 32.60.
Wheat
Wheat futures rallied to pegged double digit gains at the three various exchanges Friday. The dollar traded mostly steady and with crude oil modestly lower. Bearish fundamentals have pressed wheat for several months, but the pressure has been lessened with lately and giving life to some contracts. USDA reported export sales for the week prior or 253,300 metric tonnes, just barely inside of trade guesses (250,000 - 350,000). Weakness in crude oil and a steady dollar may limit any gains today. Some short covering has also been noted and boosting the initial rally. Winter wheat crop conditions remain ideal with ample moisture and mild temperatures. Dec CHI +16 at 5.54; KC +15 at 5.93; MLPS +11 at 6.57.
Corn futures closed slightly higher on a relatively quiet day. Weather was unfavorable to allow much harvest progress but the weekend and next week appear to have a better forecast in store for producers. Exports sales for last week totaled 357,800 MT, which was a little disappointing, trade anticipated sales between 400,000 and 600,000 MT. Despite yesterday's late rally in the Dow Jones corn was unable to hold overnight gains. Crude oil was lower throughout the trading session today and weighed in on prices. Dec +3 at 3.80.
Soybeans
Soybeans closed Friday with near double digit losses. The November contract expired today at noon, 275 delivers were posted against it as of last evening. USDA released in their delayed export sales report this morning that 478,400 metric tonnes were exported, which was below trade estimates of 550,000 to 750,000 MT. NOPA released their soy crush data this morning as well; indicating that 143.4 million bushels were crushed in October, slightly above the average trade guess of 142 MB, meal exports for Oct totaled 581,175 tons, sharply higher than in Sep and soyoil stocks were steady with Sept at 1.984 billion pounds. Nov -9 at 8.78; Dec Meal +1.5 at 265.50; Dec BO -21 at 32.60.
Wheat
Wheat futures rallied to pegged double digit gains at the three various exchanges Friday. The dollar traded mostly steady and with crude oil modestly lower. Bearish fundamentals have pressed wheat for several months, but the pressure has been lessened with lately and giving life to some contracts. USDA reported export sales for the week prior or 253,300 metric tonnes, just barely inside of trade guesses (250,000 - 350,000). Weakness in crude oil and a steady dollar may limit any gains today. Some short covering has also been noted and boosting the initial rally. Winter wheat crop conditions remain ideal with ample moisture and mild temperatures. Dec CHI +16 at 5.54; KC +15 at 5.93; MLPS +11 at 6.57.
