CBOT Closing Comments
Soybeans
Nov soybeans closed unchanged at $8.85/bushel, with Oct soymeal closing at $275.50, up $3.50, and Oct soyoil closing at 33.53 cents, down 20 points. Support came from a weaker dollar and US weather forecasts calling for periods of rain this week combined with below normal temperatures. After the close of pit trading, the USDA reported soybean harvest at 15% completed which fell well below trade estimates. Soybean maturity came in at 79%, which is 9 percentage points behind the 5-year average.
Corn
Dec corn settled at $3.41 ½, up 8 cents, hitting an eight-week high earlier in the session on ideas that cold and wet weather will further delay an already late US corn crop. Better than expected weekly export inspections at 38.405 million bushels provided support as well. After the close of trading, the USDA reported corn harvest at 10% completed which fell on low end of trade estimates. Corn maturity came in at 57%, which is 27 percentage points behind the 5-year average.
Wheat
December wheat finished at $4.42 ¾, up 1 ½ cents. Spillover from corn lent supportive tone to wheat futures, as did a weaker US dollar. After the close of pit trading, the USDA reported spring wheat harvest at 97% completed and winter wheat plantings at 53% completed. Spec money liquidated some of its heavy shorts in wheat last week, according to CFTC data. Although most of the major media reports still trend on the side of bearishness towards wheat, the sheer weight of spec shorts leaves the market vulnerable to a corrective upswing for little or no reason.
Nov soybeans closed unchanged at $8.85/bushel, with Oct soymeal closing at $275.50, up $3.50, and Oct soyoil closing at 33.53 cents, down 20 points. Support came from a weaker dollar and US weather forecasts calling for periods of rain this week combined with below normal temperatures. After the close of pit trading, the USDA reported soybean harvest at 15% completed which fell well below trade estimates. Soybean maturity came in at 79%, which is 9 percentage points behind the 5-year average.
Corn
Dec corn settled at $3.41 ½, up 8 cents, hitting an eight-week high earlier in the session on ideas that cold and wet weather will further delay an already late US corn crop. Better than expected weekly export inspections at 38.405 million bushels provided support as well. After the close of trading, the USDA reported corn harvest at 10% completed which fell on low end of trade estimates. Corn maturity came in at 57%, which is 27 percentage points behind the 5-year average.
Wheat
December wheat finished at $4.42 ¾, up 1 ½ cents. Spillover from corn lent supportive tone to wheat futures, as did a weaker US dollar. After the close of pit trading, the USDA reported spring wheat harvest at 97% completed and winter wheat plantings at 53% completed. Spec money liquidated some of its heavy shorts in wheat last week, according to CFTC data. Although most of the major media reports still trend on the side of bearishness towards wheat, the sheer weight of spec shorts leaves the market vulnerable to a corrective upswing for little or no reason.
