CBOT Closing Comments


Corn futures finished near steady on the day after opening lower. Trade was relatively quiet today with no significant price moves in any contract. Slumping crude oil halted any bullish momentum carrying over from Monday's impressive rallies. Corn harvest narrowed the gap last week to 89% complete and good weather this week should allow near completion by next week. A softer US dollar helped to offset pressure from lower crude oil and underpinned grains. This week will be shortened due to the holiday on Thursday and an early close on Friday, but could give some surprises for the rest of the week. Dec -1 at 3.53.


Soybeans finished a smidge lower with little fresh news to swing futures either way. The soy complex was mixed today with beans being steady to lower, meal higher, and bean oil lower. Profit taking after Monday's sharp run up put the initial pressure on soybeans but softer crude oil and stock market retreating from morning highs also weighs in. However, bullish momentum from yesterday carried over into the meal pit as it remains higher on the day. Basis bids persist on being scattered, some Midwest regions are firmer due to the lack of famer selling. Census Crush will be released tomorrow. Jan -1 at 8.83; Dec Meal +4.80 at 262.50; Dec BO -50 at 32.24.


Wheat futures trended a few cents lower in CHI but lost double digits in MLPS. Position squaring may spark some erratic trade during the short week as First Notice Day December wheat contracts at the 3 different exchanges. US winter wheat crop remains in almost ideal condition and well above last year's and the 5 year ratings backing the theory of adequate supply in the near term with no shortages coming for �09 crop due to weather. With sharp declines in the US dollar, should of jumped grains sharply higher, but since they did not it may suggest that US commodities are over priced compared to ROW, and may be especially true for wheat. Dec CHI -3 at 5.34; KC -6 at 5.62; MLPS -10 at 6.05.