CBOT Closing Comments


Corn futures closed 5 to 7 cents lower Tuesday. Corn is working sideways, trading on both sides of steady with lack of fresh fundamental news. Trade does not seem too worried about 22% of the corn crop still in the field. Weather is shaping up and little precipitation dropped over the weekend and may allow farmers to resume harvest. Basis is quoted all over the place, all depending on competition and demand for grain. Dec -5 at 3.80.


Soybeans did finish softer Tuesday as profit taking and. Beans, like corn are almost range bound, beans have not ventured too far from the $9/bu bench mark recently. Kinder weather conditions than last week should allow farmers to finish soybean harvest up this week. Dry weather in the in parts of Brazil and Argentina is forcing farmers and producers to delay bean harvest until conditions improve. Dec crude oil did put in a new low for the year at $53.96/barrel. Jan -4 at 9.02; Dec Meal -3.90 at 267.40; Dec BO -4 at 32.28.


Wheat futures pushed lower along with corn and soybeans in Tuesday trade. Outside markets did not have a big movement day today either, but did weigh in on prices. Crude oil was softer and the dollar index pushed higher. Taiwan reportedly purchased 42,820 metric tonnes of US wheat. Winter wheat is not being stressed and has endured near ideal fall growing conditions. Reports of a Hong Kong cargo carrying 36,000 metric tonnes of wheat has been hijacked off the Gulf of Aden. Dec CHI -4 at 5.2; KC -4 at 5.61; MLPS -7 at 6.15.