CBOT Closing Comments
Soybeans
July soybeans closed at $12.58 ½, up 32 ¼ cents, November beans finished at $10.15 ½, up 34 ½ cents. This still looks like a game of two halves to me. Old crop is tight and could do anything, especially if China continues to confound the market and spot buy. There is definitely potential for (lack of) supplies across the next couple of months to spike spot prices sharply higher. Beyond that though I wouldn't touch beans with a bargepole. New crop supply potential is enormous, and also South America will weigh in with a huge crop in the spring, unless Mother Nature sticks her oar in again. Soybean export sales estimates for Thursday’s report range from 125-400,000 MT.
Corn
July corn closed at $3.51 ¾, up 4 cents, December corn at $3.69 ¼, up 2 cents. After last night's sharp falls the market took stock today. US weather remains conducive for a very nice crop this year, but spillover strength from beans added a bit of support. As with soybeans, the longer term fundamentals look bearish for corn. Corn export sales estimates for tomorrow’s report range from 550-850,000 MT.
Wheat
July CBOT wheat closed at $5.06 ¼, down 5 cents. Seasonal harvest pressure and the USDA surprisingly finding another 1 million acres of wheat in yesterday's report weigh on the market. Wheat export sales guesses range from 250-350,000 MT for tomorrow’s USDA report.
July soybeans closed at $12.58 ½, up 32 ¼ cents, November beans finished at $10.15 ½, up 34 ½ cents. This still looks like a game of two halves to me. Old crop is tight and could do anything, especially if China continues to confound the market and spot buy. There is definitely potential for (lack of) supplies across the next couple of months to spike spot prices sharply higher. Beyond that though I wouldn't touch beans with a bargepole. New crop supply potential is enormous, and also South America will weigh in with a huge crop in the spring, unless Mother Nature sticks her oar in again. Soybean export sales estimates for Thursday’s report range from 125-400,000 MT.
Corn
July corn closed at $3.51 ¾, up 4 cents, December corn at $3.69 ¼, up 2 cents. After last night's sharp falls the market took stock today. US weather remains conducive for a very nice crop this year, but spillover strength from beans added a bit of support. As with soybeans, the longer term fundamentals look bearish for corn. Corn export sales estimates for tomorrow’s report range from 550-850,000 MT.
Wheat
July CBOT wheat closed at $5.06 ¼, down 5 cents. Seasonal harvest pressure and the USDA surprisingly finding another 1 million acres of wheat in yesterday's report weigh on the market. Wheat export sales guesses range from 250-350,000 MT for tomorrow’s USDA report.
