CBOT Closing Comments


September corn closed at $3.18 ½, down 1 ½ cents. and December at $3.24, down 3 ½ cents. Weather remains favourable and losses in crude also limited upside potential. Below normal temperatures in Indiana and Ohio, where the corn crop is already delayed, will continue to delay maturity because of the lack of growing degree days. Though corn was planted on schedule in late April and early May, northern Iowa and Minnesota corn development is now lagging two weeks behind schedule after a super cool July, says influential weather analyst Gail Martell. Weekly export sales were very strong at a combined 1,435,476 MT.


September soybeans closed at $9.99 ½, up 2 ½ cents, whilst November was at $9.57, down 1 cent. The USDA announced another soybean sale to China for 2009/10 delivery of 165,000 MT. That brings total sales announcements to 663,000 MT (24,631,073 bushels) this week so far, on top of today's weekly export sales of a combined total of 858,000 MT. Weather conditions remain favourable, although a late crop will stay susceptible to an early freeze.


September wheat closed $4.69, up 3 cents. Export sales today were a combined total of 393,862 MT which was in line with expectations. US spring wheat, which was late planted, continues to lag behind on normal development. Wednesday’s sale of 120,000 MT of US wheat to Egypt helped support. Increased production estimates across large parts of Europe appear set to keep a lid on advances for now.