CBOT Closing Comments
Soybeans
July soybeans finished at $11.10 ½, up 26 ½ cents, and November at $9.16, up 24 cents. Strong export sales of 1,228,651 MT supported the soy complex from the off, 283,500 MT of that was Chinese old crop purchases. That is going to keep old crop supplies very tight, especially considering that we are probably in for a late US harvest this year. in Bloom were about 50% behind normal in Illinois, Indiana and Ohio on the last progress report. US weather is pretty ideal, providing hot-house conditions ideal for good crop development. Tomorrow we have the USDA out with their latest supply & demand reports, which could provide a few fireworks.
Corn
July corn closed at $3.43 ½, up 4 ¼ cents and December at $3.40, up 5 ¾ cents. Support today came from a correction from oversold conditions ahead of tomorrows USDA report. Export sales were strong yet again, coming in at 1,164,600 MT. There are strong seasonal tendencies historically for the grains to rally the week after the July USDA S&D report, but the last five years have not been consistent. US weather however is pretty much ideal for excellent crop development.
Wheat
July wheat finished at $4.94 ¼, up 5 ¾ cents. Export sales were above trade estimates and wet weather in the US might be helpful for corn and beans, but hinders winter wheat harvesting. There was some element of buying from heavily oversold funds today ahead of tomorrow's USDA report. There are wheat crop concerns in Canada and eastern Europe, and Egypt appears to be back in the market, and shunning Russian wheat for now, which is also supportive for US product.
July soybeans finished at $11.10 ½, up 26 ½ cents, and November at $9.16, up 24 cents. Strong export sales of 1,228,651 MT supported the soy complex from the off, 283,500 MT of that was Chinese old crop purchases. That is going to keep old crop supplies very tight, especially considering that we are probably in for a late US harvest this year. in Bloom were about 50% behind normal in Illinois, Indiana and Ohio on the last progress report. US weather is pretty ideal, providing hot-house conditions ideal for good crop development. Tomorrow we have the USDA out with their latest supply & demand reports, which could provide a few fireworks.
Corn
July corn closed at $3.43 ½, up 4 ¼ cents and December at $3.40, up 5 ¾ cents. Support today came from a correction from oversold conditions ahead of tomorrows USDA report. Export sales were strong yet again, coming in at 1,164,600 MT. There are strong seasonal tendencies historically for the grains to rally the week after the July USDA S&D report, but the last five years have not been consistent. US weather however is pretty much ideal for excellent crop development.
Wheat
July wheat finished at $4.94 ¼, up 5 ¾ cents. Export sales were above trade estimates and wet weather in the US might be helpful for corn and beans, but hinders winter wheat harvesting. There was some element of buying from heavily oversold funds today ahead of tomorrow's USDA report. There are wheat crop concerns in Canada and eastern Europe, and Egypt appears to be back in the market, and shunning Russian wheat for now, which is also supportive for US product.
