CBOT Closing Comments
Soybeans
December soybeans closed at $9.19 ½, down 1 cent. A Corn Belt frost continues on the radar screen for Monday, Tuesday and Wednesday of next week across the Northern Plains and Western through Northern Corn Belt regions, according to Allen Motew of QT Weather. That may pose more of threat for corn than beans. Soybean export sales were strong at 1,152,000 MT for the 2009/10 marketing year, of which 654,500 MT went to China and a further 91,000 MT to 'unknown'.
Corn
December corn closed at $3.36 ½, up 6 ¼ cents. Export sales for the 2009/10 marketing year totaled a respectable 673,268 MT on this week's USDA report. Yesterday's crude stocks data was not what the market had been expecting, a 2.8 million barrel increase rather than a 2.3 million barrel decrease sent futures almost $3/barrel lower. On the weather front current indications are that a crop damaging frost will occur with lowest readings reaching 29-32F in limited areas early next week.
Wheat
December wheat finished at $4.73, up 13 cents. Large and Small Specs have held a large net short position in wheat for several months and the uncertainty of the effect of the CFTC possibly implementing variable storage rates for CBOT December wheat contract may have encouraged some short covering in the wheat. Wheat wheat export sales were 506,900 MT, and shipments were a marketing year high of 616,500 MT. Morocco is tendering for 600,000 MT of US wheat which is also supportive.
December soybeans closed at $9.19 ½, down 1 cent. A Corn Belt frost continues on the radar screen for Monday, Tuesday and Wednesday of next week across the Northern Plains and Western through Northern Corn Belt regions, according to Allen Motew of QT Weather. That may pose more of threat for corn than beans. Soybean export sales were strong at 1,152,000 MT for the 2009/10 marketing year, of which 654,500 MT went to China and a further 91,000 MT to 'unknown'.
Corn
December corn closed at $3.36 ½, up 6 ¼ cents. Export sales for the 2009/10 marketing year totaled a respectable 673,268 MT on this week's USDA report. Yesterday's crude stocks data was not what the market had been expecting, a 2.8 million barrel increase rather than a 2.3 million barrel decrease sent futures almost $3/barrel lower. On the weather front current indications are that a crop damaging frost will occur with lowest readings reaching 29-32F in limited areas early next week.
Wheat
December wheat finished at $4.73, up 13 cents. Large and Small Specs have held a large net short position in wheat for several months and the uncertainty of the effect of the CFTC possibly implementing variable storage rates for CBOT December wheat contract may have encouraged some short covering in the wheat. Wheat wheat export sales were 506,900 MT, and shipments were a marketing year high of 616,500 MT. Morocco is tendering for 600,000 MT of US wheat which is also supportive.
