CBOT Closing Comments


November soybeans closed at $9.60, up 51 cents. Soybeans are two to three weeks behind normal in some states leaving the late developing crop vulnerable to an early frost. One of those popped up in revised weather forecasts for late next week, sending shorts scrambling for cover. By the middle of next week, radiational cooling will create the season’s first widespread freeze and then even colder air is seen lingering into the first week of October, say QT Weather.


December corn closed at $3.46 ½, up 28 ¾ cents, higher hitting limit up during the trading session on concerns of frost coming into the growing area next week. One of the “slowest” Corn Belt crops of the past twenty five years continues to work its way to maturity and now a hindering cold blast is waiting in the wings to slow it down (or end it) across the northern regions, say QT Weather.


December wheat finished at $4.70 ½, up 16 ½ cents. Egypt snubbed US (and EU) wheat to buy 240,000 MT of Russian wheat at $166 FOB. Spillover strength from corn and soybeans helped wheat today, as did dollar weakness. ABARE upped their Australian wheat crop estimate by 0.7 MMT to 22.7 MMT. Japan is seeking 117,000 MT of wheat in a routine tender of which 75,000 MT is US origin.