CBOT Closing Comments
Soybeans
November beans closed at 9.17, down 2 ½ cents. Beans are in no man's land at the moment, tight cash supplies and strong demand are balanced by an impending record crop. Although the frost issue doesn't seem like a huge threat to US crops, heavy rains in the forecast will now become a new crop issue for the WCB as the storm-track crosses this region over the next few weeks, say QT Weather.
Wheat
December wheat closed at $4.47 ½, down 8 ¼ cents. The USDA will peg US all wheat production at 2.196 billion bushels in tomorrow's report according to the average trade guess. Egypt passed on US wheat to book 150,000 MT of purely Russian origin grain in a tender today. In it's continued attempt to improve convergence between cash and futures prices, the CBOT announced that the first variable storage rates could be implemented on September 18, 2010.
Corn
December corn finished at $3.41, up 2 ¼ cents. After another shot at a frosty start to the day in the morning, the US weather emphasis switches to wet with heavy rains forecast for much of the corn belt later this week. That will keep the harvest well behind schedule and lead to more frost vulnerability later in the month. Trade estimates for tomorrow's USDA Quarterly Grain stocks report average 1.719 billion bushels for the 2008/09 ending stocks.
November beans closed at 9.17, down 2 ½ cents. Beans are in no man's land at the moment, tight cash supplies and strong demand are balanced by an impending record crop. Although the frost issue doesn't seem like a huge threat to US crops, heavy rains in the forecast will now become a new crop issue for the WCB as the storm-track crosses this region over the next few weeks, say QT Weather.
Wheat
December wheat closed at $4.47 ½, down 8 ¼ cents. The USDA will peg US all wheat production at 2.196 billion bushels in tomorrow's report according to the average trade guess. Egypt passed on US wheat to book 150,000 MT of purely Russian origin grain in a tender today. In it's continued attempt to improve convergence between cash and futures prices, the CBOT announced that the first variable storage rates could be implemented on September 18, 2010.
Corn
December corn finished at $3.41, up 2 ¼ cents. After another shot at a frosty start to the day in the morning, the US weather emphasis switches to wet with heavy rains forecast for much of the corn belt later this week. That will keep the harvest well behind schedule and lead to more frost vulnerability later in the month. Trade estimates for tomorrow's USDA Quarterly Grain stocks report average 1.719 billion bushels for the 2008/09 ending stocks.
