CBOT Closing Comments
Cor
Corn futures closed several cents lower Monday, pressured down by outside markets. Corn futures fell to their lowest levels since Oct '07. USDA inspected 32.58 million bushels of corn for exports are slightly higher than last week but significantly below one year ago. Deliveries issued against front month December totaled 1,600. Sharp declines in crude oil and a stronger US dollar are pressuring grains at midday. Fair harvest weather last week should of allowed farmers to to almost complete harvest for the year despite the holiday. Dec -16 3.32.
Soybeans
Soybeans finished with steep losses but failed to take out the Oct lows by a mere 3 cents in the front month. Heavier trade volume and softer outside markets allowed soybeans to dive nearly 40 cents lower. The entire soy complex was pressured lower. USDA inspected 37.45 million bushels versus 40.91 MB last week but was inside trade estimates. Crude oil traded about $5 lower around $49/barrel and weighed in on prices. Jan -37 at 8.46; Dec Meal -3.70 at 252.30; Dec BO -1.47 at 31.11.
Wheat
Wheat futures are unable to shrug off spillover pressure and bearish outside markets and closed with 20 cent plus losses at the three different exchanges. CBOT wheat futures declined the furthest as CBOT corn and soybeans weighed. Deliveries issued against the Dec CBOT wheat contract totaled 3,593. USDA reported wheat inspections for export of 19.8 million bushels, which was within trade estimates and is considered neutral lending no support or pressure to current prices. A majority of the winter wheat crop is in good/excellent condition. Dec CHI -32 at 5.09' KC -27 at 5.35; MLPS -21 at 5.78.
Corn futures closed several cents lower Monday, pressured down by outside markets. Corn futures fell to their lowest levels since Oct '07. USDA inspected 32.58 million bushels of corn for exports are slightly higher than last week but significantly below one year ago. Deliveries issued against front month December totaled 1,600. Sharp declines in crude oil and a stronger US dollar are pressuring grains at midday. Fair harvest weather last week should of allowed farmers to to almost complete harvest for the year despite the holiday. Dec -16 3.32.
Soybeans
Soybeans finished with steep losses but failed to take out the Oct lows by a mere 3 cents in the front month. Heavier trade volume and softer outside markets allowed soybeans to dive nearly 40 cents lower. The entire soy complex was pressured lower. USDA inspected 37.45 million bushels versus 40.91 MB last week but was inside trade estimates. Crude oil traded about $5 lower around $49/barrel and weighed in on prices. Jan -37 at 8.46; Dec Meal -3.70 at 252.30; Dec BO -1.47 at 31.11.
Wheat
Wheat futures are unable to shrug off spillover pressure and bearish outside markets and closed with 20 cent plus losses at the three different exchanges. CBOT wheat futures declined the furthest as CBOT corn and soybeans weighed. Deliveries issued against the Dec CBOT wheat contract totaled 3,593. USDA reported wheat inspections for export of 19.8 million bushels, which was within trade estimates and is considered neutral lending no support or pressure to current prices. A majority of the winter wheat crop is in good/excellent condition. Dec CHI -32 at 5.09' KC -27 at 5.35; MLPS -21 at 5.78.
