CBOT Closing Comments


November soybeans closed at $9.22, up 8 ½ cents. The market is entirely at the vagaries of the local weather forecasts at the moment. A hint of frost and up it goes, take frost out of the equation and down it comes. The crop is late, there is no denying that. Normal frost dates for Illinois are October 13-24 and October 15 - November 3 for Indiana. Both those states are well behind in terms of maturity at 20% and 40% dropping leaves respectively versus 56% and 66% normally.


December corn finished at $3.25 ¾, up 9 ¾ cents. Crude oil was sharply higher which helped matters today. Frost premiums are in and out like an in and out thing. Today they were getting added back in with some talk of a risk early October. China only sold 744,400 MT of corn at it's weekly auction today, that's a fair bit less than they have been shifting the past few weeks.


December wheat closed at $4.55 ¾, down ¼ cent. 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. Non-commercial spec funds are heavily short, leaving the market vulnerable to a corrective bounce without much in the way of notice.