CBOT Closing Comments


July soybeans closed at $11.85, up 6 cents. November beans finished at $10.08, up 3 ½ cents. Why new-crop beans have rallied this last two days is totally beyond me. This market seems to be gearing to be the biggest sell of all-time. Export sales estimates for tomorrow’s USDA report are equally diverse, with forecasts ranging from 50,000 to 450,000 for soybean export sales.


July corn closed at $3.86 ½, down 2 ½ cents, and December corn at $4.07 ¼, down 2 ¼ cents. Weekly export sales trade estimates range between 600,000 and 1,000,000 MT. Corn is treading water until next week's USDA acreage report, crude oil was a tad weaker, and the dollar a little stronger, which added some bearish tones. Hot, humid and damp is a good recipe for decent crop development over the next week or so.


July CBOT wheat closed at $5.39¾, down 7 cents. Harvest progress and pressure from outside markets knocked wheat futures lower today. A US Senate report into speculators activity in the wheat market caused some concern. Export sales estimates for tomorrow’s USDA report range between 200,000 to 400,000 MT. Egypt announced after the close that it was in the market for 55-60,000 MT of wheat on a free on board basis.