CBOT Closing Comments
Soybeans
August soybeans closed at $10.23 ½, up 5 cents, November at $9.32, up 24 cents. Weekly export numbers were strong at a combined total of 701,981 MT, more than half of that old crop. China's government sold nothing at their over-hyped soybean auction, with prices proving too high for local buyers. Instead they booked 157,600 MT of US old crop beans, plus some new crop for good measure. June crush data was also supportive coming in at 140.2 million bushels, compared to estimates around 2 million lower than that.
Corn
September corn finished at $3.27, up 19 cents, and December at $3.38 ¾, up 19 ½ cents. The USDA (again) surprised the market by announcing that they were going to re-appraise US plantings, indicating that they may have over estimated their June 30 acreage estimates. As you may recall they shocked the trade then with on figure a million acres higher than the highest trade estimate, and almost three million above the average trade guess. Weekly export sales were very strong yet again at 757,629 MT for 2008/09 delivery and 577,132 MT for 2009/10 delivery.
Wheat
September wheat closed at $5.31 ¾, up 9 ¾ cents, helped to higher levels by the strength in corn and soybeans. Export sales were pretty good at 342,324 MT and actual weekly shipments were strong at 436,800 MT. Japan bought 108,000 MT of mostly US wheat in a tender. South Korea announced they are seeking 55,000 MT of wheat, and Israel are looking for 18,000 MT of wheat. Wet weather in Europe is providing some quality concerns.
August soybeans closed at $10.23 ½, up 5 cents, November at $9.32, up 24 cents. Weekly export numbers were strong at a combined total of 701,981 MT, more than half of that old crop. China's government sold nothing at their over-hyped soybean auction, with prices proving too high for local buyers. Instead they booked 157,600 MT of US old crop beans, plus some new crop for good measure. June crush data was also supportive coming in at 140.2 million bushels, compared to estimates around 2 million lower than that.
Corn
September corn finished at $3.27, up 19 cents, and December at $3.38 ¾, up 19 ½ cents. The USDA (again) surprised the market by announcing that they were going to re-appraise US plantings, indicating that they may have over estimated their June 30 acreage estimates. As you may recall they shocked the trade then with on figure a million acres higher than the highest trade estimate, and almost three million above the average trade guess. Weekly export sales were very strong yet again at 757,629 MT for 2008/09 delivery and 577,132 MT for 2009/10 delivery.
Wheat
September wheat closed at $5.31 ¾, up 9 ¾ cents, helped to higher levels by the strength in corn and soybeans. Export sales were pretty good at 342,324 MT and actual weekly shipments were strong at 436,800 MT. Japan bought 108,000 MT of mostly US wheat in a tender. South Korea announced they are seeking 55,000 MT of wheat, and Israel are looking for 18,000 MT of wheat. Wet weather in Europe is providing some quality concerns.
