CBOT Closing Comments


September soybeans closed down 4 1/2 cents at $11.70 1/2 a bushel, and November soybeans finished 15 cents easier at $10.30. The dollar was firmer and crude oil weaker, which created a negative tone, but the fall could probably be largely attributed to a correction from recent gains. Export sales were strong yet again, with the USDA saying almost three million tonnes of US beans were sold last week. weather forecasts are a little mixed for August, as is the interpretation of whether a bit of heat will be stressful or beneficial.


September corn ended down 14 1/2 cents at $3.32 1/2 per bushel and December corn ended down 16 3/4 cents at $3.40 1/4. As with soybeans, today's price action may largely be a partial reversal of some of the recent gains. Weekly export sales were above the high end of trade guesses at 1.152 MMT. There seems to be some debate whether the anticipated warm-up next week will be harmful or helpful for corn development. The USDA are to announce a revised acreage estimate for US corn plantings next week, which is also keeping the market nervous.


September wheat closed down 28 1/2 cents at $5.00 1/4 a bushel. Egypt bought mostly French wheat, and a little Russian, in a tender which was obviously seen as bearish for US wheat. Export sales were 552,800 MT and above the high end of trade guesses of 500,000 MT, which at least indicates that exports are picking up a little. The last few week's export totals have all been above or towards the upper end of trade estimates. A firmer dollar and increased harvest activity in the northern hemisphere were the overriding bearish influences today.