CBOT Closing Comments
Corn
Corn futures traded and closed near flat on a relatively quite day as a 'Turnaround Tuesday' was not present after significant losses occurred in commodities Monday. Most CBOT corn futures had only marginal losses. Lack of any real fresh news to drive corn out of range trade or to upside has let bears be aggressive and push prices to new yearly lows. Turmoil in financial markets and global economies has aided in bursting the commodity bubble and collapsing prices. Crude oil made new lows today, the lowest level since May '05. The US dollar did retreat during trading hours and attempted to buoy grains and other commodities. Mexico purchased 333,000 MT of US corn. Delivers issued against front month Dec were 1,850 contracts. Dec -1/4 3.32.
Soybeans
Soybeans carried selling pressure over from Monday�s sharp decline in futures and closed with double digit losses in several contracts Tuesday. Trade flirted with 18 month lows and closed below $8.30/bushel in the front month. Crude oil lost $2 per barrel during most of trade today weighing in on soy futures along with the news of South American crops being aided by much needed rainfall over that past few days. Deliveries issued against Dec meal were a mere 2 contracts but Dec bean oil issued 2,035 contracts. Exports have underpinned beans and remain ahead of last year's pace. Jan -19 at 8.27; Dec Meal -6.20 at 246.10; Dec BO -.69 at 30.42.
Wheat
Wheat futures closed steady to higher at the different exchanges on Tuesday. Spring wheat in MLPS led the other exchanges and posted 10 cent plus gains in contracts. Wheat was not pulled lower by CBOT soybeans or the slight declines in corn futures despite the loitering fact of abundant supplies of wheat world wide; excess supplies are flooding the feed market and putting pressure on corn as well as wheat. Foreign wheat importers persist on buy passing US for cheaper wheat else where and weigh on prices. Deliveries against CHI Dec contract were 3,659 contracts. Dec CHI +0 at 5.09; KC +1 at 5.37; MLPS +11 at 5.90.
Corn futures traded and closed near flat on a relatively quite day as a 'Turnaround Tuesday' was not present after significant losses occurred in commodities Monday. Most CBOT corn futures had only marginal losses. Lack of any real fresh news to drive corn out of range trade or to upside has let bears be aggressive and push prices to new yearly lows. Turmoil in financial markets and global economies has aided in bursting the commodity bubble and collapsing prices. Crude oil made new lows today, the lowest level since May '05. The US dollar did retreat during trading hours and attempted to buoy grains and other commodities. Mexico purchased 333,000 MT of US corn. Delivers issued against front month Dec were 1,850 contracts. Dec -1/4 3.32.
Soybeans
Soybeans carried selling pressure over from Monday�s sharp decline in futures and closed with double digit losses in several contracts Tuesday. Trade flirted with 18 month lows and closed below $8.30/bushel in the front month. Crude oil lost $2 per barrel during most of trade today weighing in on soy futures along with the news of South American crops being aided by much needed rainfall over that past few days. Deliveries issued against Dec meal were a mere 2 contracts but Dec bean oil issued 2,035 contracts. Exports have underpinned beans and remain ahead of last year's pace. Jan -19 at 8.27; Dec Meal -6.20 at 246.10; Dec BO -.69 at 30.42.
Wheat
Wheat futures closed steady to higher at the different exchanges on Tuesday. Spring wheat in MLPS led the other exchanges and posted 10 cent plus gains in contracts. Wheat was not pulled lower by CBOT soybeans or the slight declines in corn futures despite the loitering fact of abundant supplies of wheat world wide; excess supplies are flooding the feed market and putting pressure on corn as well as wheat. Foreign wheat importers persist on buy passing US for cheaper wheat else where and weigh on prices. Deliveries against CHI Dec contract were 3,659 contracts. Dec CHI +0 at 5.09; KC +1 at 5.37; MLPS +11 at 5.90.
