CBOT Closing Comments


Nov soybeans closed at $9.12, up 2 cents, and Oct soymeal closed at $290.70, up $5.20. Weather remains a concern with wet cold and freezing conditions forecast for the end of the week. CONAB say that Brazilian soybean production will rise to 62.3-63.3 MMT in 2010, up from 57 MMT last season. Estimates for tomorrow's USDA weekly export sales report range from 675,000 to 925,000 MT.


Dec corn settled at $3.59 ¾, up 1 ½ cents. Rain, snow and frost are all in the forecast for later this week in the Midwest. That will maybe knock a few bushels off yields, but will certainly cause quality issues with this late developing crop. A higher US dollar and lower crude oil futures pressured futures, limiting some upside movement. Trade estimates ahead of Thursday's USDA weekly export sales report for corn range from 650,000 to 1 million MT.


CBOT wheat finished at $4.63 ¼, up 3 cents. Japan is looking for 147,000 MT of wheat in it's usual weekly tender tomorrow, 86,000 MT of that will be US origin. SovEcon say that the Russian wheat crop will now amount to 60-61 MMT, back in the summer they were forecasting only 55 MMT. Estimates ahead of Thursday's USDA weekly export sales report for wheat range from 400,000 to 600,000 MT.