CBOT Closing Comments
Soybeans
August soybeans closed at $10.34 ½, up 16 cents, November bans at $9.18, up 6 ½ cents. July Soybeans expired at $10.74, a 40 cent premium to the August contract, which is the next spot month. US weather forecasts remain benign, but there is still a strong potential, in my mind, for old crop to post a very technical end yet. Fund money seems to be getting cold feet and liquidating the nears, whilst I am still bearish on new crop, I think that there could still be nearby technical problems yet.
Corn
September corn closed at $3.38 ½, up 6 ¾ cents and December at $3.45 ½, up 6 cents. Weather is bearish, but importers keep coming back for more US corn. South Korea bought overnight, and exports have been very strong over the last few weeks. Funds are said to be still heavily short corn, which will leave the market vulnerable to a short-covering rally.
Wheat
September wheat finished at $5.30, down 12 ¾ cents. July Wheat contracts went off the board today with the September CBOT new crop wheat coming on at a premium to the last old crop month, of 28 cents. There seems to be some signs developing of worries over lower wheat production around the world. Russian output is certainly a concern, as too is production in other parts of eastern Europe and Canada.
August soybeans closed at $10.34 ½, up 16 cents, November bans at $9.18, up 6 ½ cents. July Soybeans expired at $10.74, a 40 cent premium to the August contract, which is the next spot month. US weather forecasts remain benign, but there is still a strong potential, in my mind, for old crop to post a very technical end yet. Fund money seems to be getting cold feet and liquidating the nears, whilst I am still bearish on new crop, I think that there could still be nearby technical problems yet.
Corn
September corn closed at $3.38 ½, up 6 ¾ cents and December at $3.45 ½, up 6 cents. Weather is bearish, but importers keep coming back for more US corn. South Korea bought overnight, and exports have been very strong over the last few weeks. Funds are said to be still heavily short corn, which will leave the market vulnerable to a short-covering rally.
Wheat
September wheat finished at $5.30, down 12 ¾ cents. July Wheat contracts went off the board today with the September CBOT new crop wheat coming on at a premium to the last old crop month, of 28 cents. There seems to be some signs developing of worries over lower wheat production around the world. Russian output is certainly a concern, as too is production in other parts of eastern Europe and Canada.
