CBOT Closing Comments


July corn closed at $4.21 ¼, up ¼ cents, with traders squaring up ahead of tomorrow's USDA reports. Old crop ending stocks aren't expected to show too much change from last month at 1.711 billion bushels. New crop ending stocks (estimated by the USDA for the first time) are seen at 1.383 billion.


July beans finished at $11.16, up 4 ½ cents on the day, despite having opened sharply lower. The catalyst for the lower opening was the shocking statistic that one student travelling back from the US had been diagnosed as positive for the misnamed disease was enough to spark fears of sharply reduced pork consumption on the Chinese mainland. Of far more import is the USDA's estimate of old crop ending stocks tomorrow. The average trade guess is 130 million bushels, down sharply from 165 million last month, but not as sharply as some would suggest. Figures under 100 million are being bandied about as possible. The usually ever-cautious USDA wouldn't go that low would they?


July CBOT wheat closed at $5.90 ¾, down ¼ cent. Wheat was a bit of a man on the sidelines today. The big news today was all about soybeans, and corn to a lesser degree. Tomorrow's USDA stocks data is nowhere near as important for wheat. For the record though all Wheat ending stocks on June 1 are 0.688 billion bushels for 2008/2009.

Tomorrow is all about old crop soybean ending stocks.