CBOT Closing Comments


November soybeans closed at $9.20 ½, down 1 ½ cents. Some weather forecasts for next week are showing a risk of frost Tuesday morning. Crude oil was sharply lower, although a weak dollar added some support. The USDA reported 116,000 MT of soybeans sold to 'unknown' today. Estimates for tomorrow’s weekly export sales report are from 500,000 to 800,000 MT for soybeans.


December corn closed at $3.30 ¼, up 4 ½ cents. The corn crop remains behind in maturity despite recent warmer and drier weather patterns in the growing area and therefore is susceptible to damage by freezing temperatures if they occur before the crop is mature. Export sales estimates for tomorrows weekly export sales report range between 600,000 to 900,000 MT.


December wheat finished the day at $4.60, up 4 ¼ cents. The ongoing spring wheat harvest is producing better than expected yields but protein levels are down. Wet weather continues to dog harvest progress and winter wheat plantings might be lower than normal in top-producing states of Kansas and Oklahoma due to low prices. Export estimates for tomorrow’s weekly export sales range from 300,000 to 500,000 MT.