CBOT Closing Comments


Due to the Thansgiving Holiday, trading ended at 12:00pm CST. CBOT corn futures traded lower this shortened trading day. Weaker crude oil and stronger dollar price movements were the major reasons for this price decline. USDA FAS released their weekly Export Sales for the week ending November 20. Net sales of US corn were up 7% from the week prior @ 465,000 MT. At the close, CBOT December corn $3.49, dow, 44 points.


Soybeans ended the abbreviated session anywhere from UNCH to 7 cents lower. According to this week’s USDA FAS Export Sales, net sales of soybeans were down 1% for the week ending November 20 compared to the previous week. Soybean oil export net sales were eight times larger than last week’s depressed level at 17,100 MT. Export net sales for soybean meal were also down from the previous week. Compared to this time last market year, US exports for soybeans are up 8%, soybean oil is down 23% and soybean meal are down 5%. At the close, CBOT January soybean $8.83, down 3 cents. January soybean oil $0.32, down 4 points. December soybean meal $256.00, down $7.20.


December CBOT wheat futures ended higher during this shortened trading day. Activity and volume were light due to the Thanksgiving holiday where most traders have taken the weekend off early. Declining crude oil futures and increasing US Dollar are bearish influences to Wheat. This morning’s USDA FAS Weekly Export Sales stated that wheat exports were 14% down from the prior week but within the range of trader’s expectations. In Chicago, Egypt’s yesterday purchase of 55,000 tonnes of SRW helped provide positive fundamental support to wheat futures. At close CBOT December wheat 5.42, up 7 cents.