CBOT Closing Comments
Corn
Corn futures finished the day on a higher note, helped by the friendly stocks report of 1.674 billion bushels for 2008/2009 and the much lower US Dollar Index. There were some frost reports overnight in Wisconsin and along the Missouri river bottom. Above normal rains are forecast for central and eastern corn from now until October 14th that could keep farmers in some areas out of the field, delaying harvest. Sharply higher crude oil prices helped to lift ethanol prices, ethanol finished at 1.783, up .018 cents on the October contract. Weekly export sales estimates for tomorrow's report range between 600,000 and 800,000 MT. Last weeks sales were 673,300 MT. December Corn at $3.44, up 3 cents.
Soybeans
Soybean futures finished the day higher despite an increase in stocks of 138 million bushels from 110 million bushels estimate in the September WASDE report. Grain prices were supported today by the sharply lower dollar and much higher crude oil prices. The futures price range of soybeans has narrowed over the past 8 trading days remaining above 9.00 and below 9.40 on the November contract. Cash prices are firm in the gulf due to harvest interruption because of rain in the Delta. Above normal rain will also hamper harvest in the Midwest and eastern Grain Belt through October 14th. Estimates for tomorrow's weekly export sales range from 700,000 to 1,000,000 MT. Last weeks sales were 1,367,000 MT. Soybean meal export sales estimates average 150,000 MT and soybean oil estimates average 162,500 MT. November Soybeans at 9.27, up 10 cents
Wheat
Wheat futures closed higher after posting new contract lows this morning. Wheat stocks increased along with production numbers for 2009. December CBOT wheat futures have dropped $2.86 since June 1st of this year because of adequate global wheat stocks and flat demand. Supplies of wheat continue to increase globally as prices have declined on increased stocks. Today's price support may have come from the significantly lower dollar and some end of quarter evening up by speculators. Analyst estimates for weekly export sales are between 400,000 and 600,000 MT. Last week's sales were 517,900 MT. Rain and below normal temps are forecast over the next two weeks in the Central and Northern Plains. December CBOT Wheat at $4.57 ½, up 10 cents
Corn futures finished the day on a higher note, helped by the friendly stocks report of 1.674 billion bushels for 2008/2009 and the much lower US Dollar Index. There were some frost reports overnight in Wisconsin and along the Missouri river bottom. Above normal rains are forecast for central and eastern corn from now until October 14th that could keep farmers in some areas out of the field, delaying harvest. Sharply higher crude oil prices helped to lift ethanol prices, ethanol finished at 1.783, up .018 cents on the October contract. Weekly export sales estimates for tomorrow's report range between 600,000 and 800,000 MT. Last weeks sales were 673,300 MT. December Corn at $3.44, up 3 cents.
Soybeans
Soybean futures finished the day higher despite an increase in stocks of 138 million bushels from 110 million bushels estimate in the September WASDE report. Grain prices were supported today by the sharply lower dollar and much higher crude oil prices. The futures price range of soybeans has narrowed over the past 8 trading days remaining above 9.00 and below 9.40 on the November contract. Cash prices are firm in the gulf due to harvest interruption because of rain in the Delta. Above normal rain will also hamper harvest in the Midwest and eastern Grain Belt through October 14th. Estimates for tomorrow's weekly export sales range from 700,000 to 1,000,000 MT. Last weeks sales were 1,367,000 MT. Soybean meal export sales estimates average 150,000 MT and soybean oil estimates average 162,500 MT. November Soybeans at 9.27, up 10 cents
Wheat
Wheat futures closed higher after posting new contract lows this morning. Wheat stocks increased along with production numbers for 2009. December CBOT wheat futures have dropped $2.86 since June 1st of this year because of adequate global wheat stocks and flat demand. Supplies of wheat continue to increase globally as prices have declined on increased stocks. Today's price support may have come from the significantly lower dollar and some end of quarter evening up by speculators. Analyst estimates for weekly export sales are between 400,000 and 600,000 MT. Last week's sales were 517,900 MT. Rain and below normal temps are forecast over the next two weeks in the Central and Northern Plains. December CBOT Wheat at $4.57 ½, up 10 cents
