CBOT Closing Comments


September corn ended up 7 1/4 cents at $3.39 1/2 per bushel, and December corn ended up 7 1/4 cents at $3.49 1/2. Weekly corn exports for 2009/10 reported yesterday were a marketing year high of 1,480,700 MT, up 61% from the previous week and 65% from the prior 4 week average. Although US weather remains favourable for promising crop development, exports are running at a very strong pace. Sep corn gained 23 1/4 cents on the week, ending a string of seven consecutive weekly losses.


August soybeans ended 5 3/4 cents higher at $11.34 a bushel, and November soybeans finished 11 cents higher at $9.82. Soybeans finished the day and the week on higher prices, closing $1.13 higher than last Friday. Good export sales and continued Chinese buying of soybeans this week were the basis for much of the price increase. Good weather for soybean development will continue over the next five days.


September wheat closed at $5.28 ¼, up 12 cents. Wheat had good export sales for the week and for the month so far. Export sales as of July 30th will be released next Thursday. Weather conditions for spring wheat development in North Dakota and harvest in South Dakota over the next two weeks are forecasted to be ideal with normal temps and rainfall. Month-end positioning on a heavily short market also helped prices today.