CBOT Closing Comments


July Chicago corn closed at $4.07 ½, up 2 ¼ cents. Threats against corn-ethanol subsidies are a concern but remain some way off for now. Of more immediate concern are planting delays in the Midwest and potential yield losses from cool & wet conditions. Trade estimates for tomorrow's weekly export sales are 800,000 to 1,200,000 MT.


July soybeans finished at $11.18, up 17 cents. Tight old crop stocks, the ongoing problems in Argentina and firmer outside markets supported beans throughout the session. All eyes will be on Thursday's USDA export sales report to see if China still keep returning to the trough.


Wheat finished slightly higher with July at $5.58 ¾, up 6 ¼ cents. Spring wheat planting delays in the US and Argentina about to plant their lowest winter wheat acreage on record are seen as supportive. Plantings in Argentina are seen down around 19% in the wake of a year-long drought and continued disputes between the farmers and the government over taxes.