CBOT Closing Comments
Corn
Corn futures closed with double digit losses Wednesday. Considerable losses in crude oil weighed in on CBOT grains. Broad base selling was the theme today has virtually every commodity was lower. US corn basis has improved roughly 10 cents in the last month but is still wider than previous years for the first week in December. USDA reported that 391,900 metric tonnes were sold for export last week, within trade estimates but on the bottom side. Bullish fundamental news for corn has been slim but Mexico has been aggressive buyer of US corn lately, buying nearly 600,000 MT tonnes just this week. Deliveries issued for December were 1,647 contracts. Dec -13 at 3.18.
Soybeans
Soybeans finished 18 to 20 lower as spillover selling pressured the soy complex lower. Several bearish factors pushed soybeans lower Wednesday; disappointing export sales last week, STATS Canada reported record canola production ( 32% increase from 07), and lower crude oil. USDA reported 359,800 metric tonnes were sold for export last week well below trade estimates and marks the lowest sales for this marketing year but was influenced by the shortened holiday week. China continues to purchase US beans, buying additional 133,000 metric tonnes. Only one delivery was issued for December meal but Dec soybean oil had 245 contracts. Jan -19 at 8.11; Dec Meal -.70 at 247.30; Dec BO -1.06 at 29.22.
Wheat
Wheat futures tumbled Wednesday with the front months losing double digits at the different exchanges. USDA reported 207,600 MT were sold for export last week well below trade estimates of 350,000 to 550,000 MT. STATS Canada reported wheat production of 28.6 MMT an increase of more than 12 MMT from the prior year, just another reminder of the magnitude of the record global crop of 680 MMT. Deliveries issued against the CBOT December contract were 3,351. Wheat, like corn has struggled to find any fresh bullish news to boost prices or at least underpin the market. Dec CHI -33 at 4.67; Dec KC -32 at 4.97; Dec MLPS -10 at 5.72.
Corn futures closed with double digit losses Wednesday. Considerable losses in crude oil weighed in on CBOT grains. Broad base selling was the theme today has virtually every commodity was lower. US corn basis has improved roughly 10 cents in the last month but is still wider than previous years for the first week in December. USDA reported that 391,900 metric tonnes were sold for export last week, within trade estimates but on the bottom side. Bullish fundamental news for corn has been slim but Mexico has been aggressive buyer of US corn lately, buying nearly 600,000 MT tonnes just this week. Deliveries issued for December were 1,647 contracts. Dec -13 at 3.18.
Soybeans
Soybeans finished 18 to 20 lower as spillover selling pressured the soy complex lower. Several bearish factors pushed soybeans lower Wednesday; disappointing export sales last week, STATS Canada reported record canola production ( 32% increase from 07), and lower crude oil. USDA reported 359,800 metric tonnes were sold for export last week well below trade estimates and marks the lowest sales for this marketing year but was influenced by the shortened holiday week. China continues to purchase US beans, buying additional 133,000 metric tonnes. Only one delivery was issued for December meal but Dec soybean oil had 245 contracts. Jan -19 at 8.11; Dec Meal -.70 at 247.30; Dec BO -1.06 at 29.22.
Wheat
Wheat futures tumbled Wednesday with the front months losing double digits at the different exchanges. USDA reported 207,600 MT were sold for export last week well below trade estimates of 350,000 to 550,000 MT. STATS Canada reported wheat production of 28.6 MMT an increase of more than 12 MMT from the prior year, just another reminder of the magnitude of the record global crop of 680 MMT. Deliveries issued against the CBOT December contract were 3,351. Wheat, like corn has struggled to find any fresh bullish news to boost prices or at least underpin the market. Dec CHI -33 at 4.67; Dec KC -32 at 4.97; Dec MLPS -10 at 5.72.
