CBOT Closing Comments


September soybeans closed at $9.69, up 8 cents, November $9.36 ½, up 14 ½ cents. A weak dollar and firmer crude were supportive. Celeres estimates 92% of the 58.2 MMT Brazilian 2008/09 soybean crop has been sold by the farmer, and 13% of the 2009/10 crop. The USDA said that there were 97% of the soybeans setting pods on today’s progress report. That is one point ahead of last year and 2 points behind the five year average. Soybeans dropping leaves were at 7% compared to 9% last year and 18% for the five year average. Condition ratings were 8% poor/very poor same as last week and 68% good/excellent, a one point decline from last week.


September corn closed at $3.02 ¾, up 2 ¼ cents and December at $3.07 ½, up 1 ¼ cents. As with beans a weak dollar and firmer crude oil helped corn today. The USDA's weekly progress report stated 86% of the corn was in the dough stage compared to 75% last week and 94% for the five year average. Corn denting was at 50% compared to 59% last year and 75% for the five year average. Corn considered mature was at 8% compared to 10% last year and 23% for the five year average. Crop condition ratings were 9% poor/very poor and 69% good/excellent same as last week on the good/excellent and a 1 point improvement in the poor/very poor category.


September wheat finished at $4.31 ½, down 12 ½ cents, with wheat basically in a free fall despite the lower US dollar. Today’s crop progress report showed 5% of the winter wheat planted, on par with the five year average and 1 point ahead of last year at this time. Spring wheat harvest remains behind average at 58% compared to 86% last year and 88% for the five year average. Spring wheat condition ratings are 7% poor/very poor and 74% good/excellent a 1 point decline in the good/excellent and 2 point decline in the poor/very poor ratings.