CBOT Closing Comments
Soybeans
November beans closed at $9.41, down 12 cents, still beans closed 38 cents higher on the week . Following on from another good week of export sales reported by the USDA yesterday, private exporters sold a total of 416,000 MT of soybeans to China today. Frost in China's Heilongjiang province may be cutting production significantly. Soybean planting here was seriously delayed earlier in the season, due to a May drought and record setting heat, leaving the crop very vulnerable to an early freeze.
Corn
December corn closed at $3.18, down 11 cents. Weather and crop development will continue to be watched over the next couple of weeks as corn interests try to determine value. All the frost premium factored into the market Tuesday now seems to have been taken back out. No frost threat is on the cards at the moment for at least the next two weeks.
Wheat
December wheat finished the day at $4.57 ¼, down 4 ½ cents. Spring wheat yields are coming in better than average but protein levels are below normal. A weak dollar won't do any harm to US export prospects, but competition remains fierce. Adding some pressure to prices was the Brazilian testing of a US wheat cargo for vomitoxin contamination. Whilst low pressure is keeping the frost at bay, it also brings significant precipitation with it, which won't help the already delayed spring wheat harvest advancement.
November beans closed at $9.41, down 12 cents, still beans closed 38 cents higher on the week . Following on from another good week of export sales reported by the USDA yesterday, private exporters sold a total of 416,000 MT of soybeans to China today. Frost in China's Heilongjiang province may be cutting production significantly. Soybean planting here was seriously delayed earlier in the season, due to a May drought and record setting heat, leaving the crop very vulnerable to an early freeze.
Corn
December corn closed at $3.18, down 11 cents. Weather and crop development will continue to be watched over the next couple of weeks as corn interests try to determine value. All the frost premium factored into the market Tuesday now seems to have been taken back out. No frost threat is on the cards at the moment for at least the next two weeks.
Wheat
December wheat finished the day at $4.57 ¼, down 4 ½ cents. Spring wheat yields are coming in better than average but protein levels are below normal. A weak dollar won't do any harm to US export prospects, but competition remains fierce. Adding some pressure to prices was the Brazilian testing of a US wheat cargo for vomitoxin contamination. Whilst low pressure is keeping the frost at bay, it also brings significant precipitation with it, which won't help the already delayed spring wheat harvest advancement.
