CBOT Closing Comments
Soybeans
September beans closed at $10.14, down 86 cents, and November at $9.55 ½, down 24 cents. All the news was bearish today. Last night's USDA crop progress report pegged 69% of the crop at good/excellent. A hangover from the Chinese stock market taking a nose-dive plus tittle-tattle that state-owned Chinese entities would be allowed to default on loss-making commodity derivative contracts spooked a market that has become heavily reliant on Chinese business. If that wasn't enough the US weather outlook seems to have turned a little bit milder and Brazilian analysts Celeres said that the country will produce a record 64.7 MMT of beans in 2010.
Corn
September corn finished at $3.12 ¼, down 14 cents, with December at $3.19 ¼, down 10 ½ cents. Weak crude and a firmer dollar set a bearish tone along with spillover weakness from beans. The USDA crop ratings last night were a bit better than expected, and the weather in the US seems to be throwing up few short-term threats to production. if frost stays away then we seem set to be in for a bumper crop, the second highest on record.
Wheat
September wheat closed at $4.59 ¼, down 11 ¾ cents. Weakness in the other pits, lower crude oil and equities and a firmer dollar all weighed on wheat. Spring wheat harvest advanced 16% for the week, according to the USDA last night, bringing the August 30 total to 38% complete. North Dakota, the largest spring wheat producing state, is 3 weeks behind normal harvest at 22% complete compared to last year at 78% and the five year average of 76%. Overall the crop improved 3 points from last week.
September beans closed at $10.14, down 86 cents, and November at $9.55 ½, down 24 cents. All the news was bearish today. Last night's USDA crop progress report pegged 69% of the crop at good/excellent. A hangover from the Chinese stock market taking a nose-dive plus tittle-tattle that state-owned Chinese entities would be allowed to default on loss-making commodity derivative contracts spooked a market that has become heavily reliant on Chinese business. If that wasn't enough the US weather outlook seems to have turned a little bit milder and Brazilian analysts Celeres said that the country will produce a record 64.7 MMT of beans in 2010.
Corn
September corn finished at $3.12 ¼, down 14 cents, with December at $3.19 ¼, down 10 ½ cents. Weak crude and a firmer dollar set a bearish tone along with spillover weakness from beans. The USDA crop ratings last night were a bit better than expected, and the weather in the US seems to be throwing up few short-term threats to production. if frost stays away then we seem set to be in for a bumper crop, the second highest on record.
Wheat
September wheat closed at $4.59 ¼, down 11 ¾ cents. Weakness in the other pits, lower crude oil and equities and a firmer dollar all weighed on wheat. Spring wheat harvest advanced 16% for the week, according to the USDA last night, bringing the August 30 total to 38% complete. North Dakota, the largest spring wheat producing state, is 3 weeks behind normal harvest at 22% complete compared to last year at 78% and the five year average of 76%. Overall the crop improved 3 points from last week.
