CBOT Closing Comments


September corn closed at $3.14 ¼, down 5 cents, whilst prices were lower this was some way off session lows set earlier in the session. Weak crude and stocks and a firmer dollar weighed on the entire complex from the start. The crop progress report continues to indicate that although conditions remain good, progress is lagging, with only 40% of the crop at the dough stage, compared with 64% normally. The crop was 9% dented, below the average of 26%, although good to excellent ratings held steady at 68%.


September beans closed at $9.88, down 36 ½ cents, whilst November finished at $9.54 ½, down 27 cents. An improved weather outlook, combined with unfavourable outside influences got beans off to a defensive start to the week. Export inspections were 5.62 million bushels, compared to last week’s 10.082 million bushels. The crop progress report pegged 66% of the crop as good to excellent as of Sunday, unchanged from the previous week, with 72% setting pods compared to 85% for the five year average.


September wheat finished at $4.71 ¾, down 10 cents, making new contract lows on the spot month of all three US exchanges. Spillover weakness from beans weighed on wheat, along with a firm dollar and weak crude oil. Export inspections were 13.915 million bushels, towards the low end of trade guesses. The crop progress report showed 94% of the winter wheat is harvested, in line with normal. However only 13% of the spring wheat crop is harvested compared to 33% last year and 48% for the five year average. Commodity funds added to their short positions, selling an estimated 3,000 wheat contracts today.