CBOT Closing Comments


November beans closed at $9.13 ½, down 27 ½ cents. Frost talk is disappearing, dragging soybeans sharply lower. A firm US dollar and significantly lower crude oil also weighed on beans today. The weekly soybean crop progress report showed 40% of soybeans are dropping leaves, one point behind last year but still behind the five year average by 18 points. Soybean condition ratings declined by one point to 9% poor/ very poor and 67 good/excellent.


December corn closed at $3.16, down 2 cents. The weekly Crop Progress report this afternoon lists 97% of the corn at the dough stage, 80% of the corn dented and 21% of the corn mature. Corn maturity still lags last year by 9 points and the five year average by 34 points. Condition ratings for corn were at 10% poor/very poor and 68% good/excellent, a one point decline in both categories. Frost appears to be off the menu at least until 2-5 October.


December wheat finished at $4.56, down 1 ¼ cents. Beans and outside markets dragged wheat a little into negative territory. However having been the first commodity to crack, wheat is potentially much closer to seasonal lows than corn and particularly soybeans. The weekly crop progress report showed 24% of the winter wheat is planted, above last years 20% planted at this time and just 1 point behind the five year average. Spring wheat is at 85% harvested still lagging last year and the five year average by 11 points. North Dakota and Minnesota have the most catching up to do.