CBOT Closing Comments
Soybeans
July soybeans settled 43 cents lower at $12.00 a bushel, and November soybeans also finished 43 cents lower at $9.63. Beans were under pressure from the start following a sharply weaker overnight session following the holiday weekend. Favourable weekend weather, and a promising forecast for the week ahead, combined with a firm dollar and weak crude oil to send beans crashing lower. The USDA announced 14.12 million bushels of soybeans were inspected for export on Friday, slightly above the 13.30 million bushel needed to meet USDA’s estimates for the year.
Corn
July closed down 2 1/2 cents at $3.43 1/4 a bushel, and December corn closed down 13 1/4 cents at $3.44 1/4. Largely ideal weekend weather and a promising outlook for the week ahead kept corn on the defensive throughout the day. Crude oil prices fell to their lowest levels in over a month today, whilst a flight to the safe-haven of the dollar also weighed on prices.
Wheat
September wheat closed down 9 3/4 cents at $5.19 1/4 a bushel. Weakness from soybeans spilled over into wheat, with the strong dollar also a bearish factor. Funds are heavily short wheat, and sold a further estimated 3,000 contracts today, leaving this market vulnerable to a technical correction at some point. The US harvest is progressing reasonably well and export demand remains slack which is also depressing prices.
July soybeans settled 43 cents lower at $12.00 a bushel, and November soybeans also finished 43 cents lower at $9.63. Beans were under pressure from the start following a sharply weaker overnight session following the holiday weekend. Favourable weekend weather, and a promising forecast for the week ahead, combined with a firm dollar and weak crude oil to send beans crashing lower. The USDA announced 14.12 million bushels of soybeans were inspected for export on Friday, slightly above the 13.30 million bushel needed to meet USDA’s estimates for the year.
Corn
July closed down 2 1/2 cents at $3.43 1/4 a bushel, and December corn closed down 13 1/4 cents at $3.44 1/4. Largely ideal weekend weather and a promising outlook for the week ahead kept corn on the defensive throughout the day. Crude oil prices fell to their lowest levels in over a month today, whilst a flight to the safe-haven of the dollar also weighed on prices.
Wheat
September wheat closed down 9 3/4 cents at $5.19 1/4 a bushel. Weakness from soybeans spilled over into wheat, with the strong dollar also a bearish factor. Funds are heavily short wheat, and sold a further estimated 3,000 contracts today, leaving this market vulnerable to a technical correction at some point. The US harvest is progressing reasonably well and export demand remains slack which is also depressing prices.
