CBOT Closing Comments


August soybeans closed at $11.87 ¼, down 28 ¾ cents, November soybeans finished at $10.65 ¼, down 25 ¼ cents. Soybean export sales were a combined total of 1,021,900 MT, slightly above the high end of trade estimates. Although there is cold weather in the forecast a week from now, the trade seemed ultimately more interested in concentrating on nearby beneficial conditions. Early weather concerns had seen August beans hit 25 ¼ up at one stage.


September corn closed at $3.24 ½, down 6 ¼ cents, whilst December ended at $3.32, down 4 ¼ cents. Export sales were 833,700 MT, towards to lower end of pre-report estimates ranging from 800,000 to 1.2 MMT. Nearby weather is mostly favourable, and spillover weakness from yesterday's bearish USDA report added to the weaker tone. South Korea bought 110,000 MT of US corn overnight.


September wheat closed at $4.81 ½, down 8 ¾ cents. Production increases from Strategie Grains in Europe added to a bearish overtone from yesterday's USDA report. The spring wheat harvest is now underway across Montana and North Dakota, although rain is hampering early progress. Export sales were 479,100 MT, compared to pre-report estimates of 300,000 to 500,000 MT.