CBOT Closing Comments


November soybeans ended up 13 1/2 cents at $10.45 a bushel. Weather conditions are good for continued crop development. Export sales are estimated at a whopping 2.2 to 2.5 MMT for tomorrow with China being in the market this past week for a known 1.8 MMT of soybeans. The recent Chinese soybean auctions have not gone well, less than 5,000 MT has been booked out of offers of 1.5 MMT the past three weeks. Informa estimates the US soybean yield at 41.6 bushels/acre. That figure is a little lower than F C Stone's 42.4 bushels/acre and Doane's 42 bu/acre.


September corn ended down 7 1/2 cents to $3.47, and December corn ended down 8 3/4 cents to $3.57. Informa was out today stating their impression that the USDA will have a yield estimate of 157.1 bushels of corn to the acre. F C Stone are using a corn yield of 160 bushels/acre, whilst Doane come in significantly lower at 155.6 bu/acre.


September wheat closed down 13 1/2 cents at $5.28 3/4 a bushel. Trade estimates for export sales to be released tomorrow are between 350,000 to 550,000 MT. The French grain analyst Agritel expects France’s soft wheat crop to rise to more than 38 MMT, adding to existing stocks.