CBOT Closing Comments - Friday


July soybeans closed at $11.85, up 5 cents; November soybeans closed at $10.62 1/2, up 9 1/2 cents. That narrowed the July/November spread another 4 1/2 cents. Weekly export sales were disappointing for once, in fact that's the first time in the last ten weeks that sales have been a let down. China was present, booking both old and new crop but not in the kind of volumes that we have seen recently. Drought in northeast China's Heilongjiang Province is a potential threat to grain and soybean production there in the coming season. The July future gained 19 cents on the week.


July corn ended up 7 1/2 cents at $4.36 1/4 per bushel. Crude oil closed at $66.31/barrel, posting its largest monthly percentage gain in more than a decade. A sharply weaker dollar was also supportive, as are continued planting delays in the Midwest. Weekend weather forecasts are favourable however for US farmers to progress rapidly towards their goal of pretty much wrapping up their spring corn programme. Weekly export sales were strong again, coming in at just over 1 MMT. July corn gained 6 cents on the week and 32 3/4 cents for the month.


July CBOT wheat rose 6 3/4 cents to close at $6.37 1/4 a bushel. Spring wheat planting delays in North Dakota in particular, and reports of very poor early yields coming out of the south have supported wheat throughout the week, and come to that the month. CBOT July wheat closed up 24 3/4 cents on the week and $1.00 3/4 on the month. That is the biggest monthly rise for two years and takes wheat to its highest levels in four months. Weekly export sales for wheat were neutral. Firmer crude oil and equities added a bit of support for wheat, as to did a weak dollar.