CBOT Closing Comments
Soybeans
August soybeans closed 46 cents higher at $12.16 1/2 a bushel, September settled 30 cents higher at $10.97, and November soybeans ended 28 1/2 cents higher at $10.38 1/2. The trade appears to be expecting lower production numbers from the USDA tomorrow. Analysts’ average trade estimate is for output of 3.219 billion bushels with a 104 million bushel carryout for 2008/09 and a 212 million bushel carryout for 2009/10 marketing year.
Corn
September corn closed at $3.26 1/2, up 2 ¼ cents, and December corn at $3.31, up ½ cent. Unlike beans, the trade is expecting increased corn production numbers in tomorrow's USDA report. Analysts are expecting the report to show a 12.49 billion bushel corn crop, with ending stocks for 2008/09 at 1.748 billion bushels and 1.697 billion bushels for 2009/10.
Wheat
September wheat closed at $4.85 ¼, down 9 cents. As with corn, tomorrow's USDA report is expected to be bearish wheat. Average estimates for all wheat production is at 2.15 billion bushels, up from the July estimate of 2.112 billion bushels. Wheat carryout is expected to increase by 31 million bushels from the July report. Cooler weather is coming into Canada at the end of this week and there are rumours of a possible frost around August 20th in the Canadian prairies.
August soybeans closed 46 cents higher at $12.16 1/2 a bushel, September settled 30 cents higher at $10.97, and November soybeans ended 28 1/2 cents higher at $10.38 1/2. The trade appears to be expecting lower production numbers from the USDA tomorrow. Analysts’ average trade estimate is for output of 3.219 billion bushels with a 104 million bushel carryout for 2008/09 and a 212 million bushel carryout for 2009/10 marketing year.
Corn
September corn closed at $3.26 1/2, up 2 ¼ cents, and December corn at $3.31, up ½ cent. Unlike beans, the trade is expecting increased corn production numbers in tomorrow's USDA report. Analysts are expecting the report to show a 12.49 billion bushel corn crop, with ending stocks for 2008/09 at 1.748 billion bushels and 1.697 billion bushels for 2009/10.
Wheat
September wheat closed at $4.85 ¼, down 9 cents. As with corn, tomorrow's USDA report is expected to be bearish wheat. Average estimates for all wheat production is at 2.15 billion bushels, up from the July estimate of 2.112 billion bushels. Wheat carryout is expected to increase by 31 million bushels from the July report. Cooler weather is coming into Canada at the end of this week and there are rumours of a possible frost around August 20th in the Canadian prairies.
