CBOT Closing Comments


Corn futures finished just a smidge lower in nearby months. Smaller range of trading and other quiet grains and outside markets limited losses. Exports of corn are slowing giving bears some incentives to keep prices from moving higher. Weather is favorable for harvest and should allow producers to make leaps in progress compared to last week. Corn is working sideways, trading on both sides of steady with lack of fresh fundamental news. Outside markets are relatively quiet this morning, not lending too much directional support. Dec -1 at 3.78.


Soybeans closed lower in most contracts with quiet trading Wednesday. Beans may be range bound through the holiday season due to the lack of fresh bullish or bearish news. Crude oil wass off slightly, during grain trading hours and the dollar showed some firmness pushing above 87 points, both contributed to weakness in futures. Basis is attempting to firm as farmer selling has been tight with reluctance to sell at 'cheaper' prices. Jan -5 at 8.97; Dec Meal +.30 at 267.70; Dec BO -.31 at 31.97.


Wheat futures closed lower at the different wheat exchanges during mid session trade, MLPS experienced the most pressure. No immediate threat to US winter wheat as late fall growing conditions have been ideal. The fact of a world record wheat crop can not be shrugged off, some foreign countries with robust production could easily flood the global market for wheat, creating US more expensive especially with the recent soar in the US dollar. Forecasts for Russian wheat production are up more than 30% from 2007. Dec CHI -2 at 5.27; KC -1 5.59; MLPS -11 at 6.04.