CBOT Closing Comments
Soybeans
November soybeans closed at 9.93, down 6 cents October Soybean Meal at 326.30, up 3.50 points October Soybean Oil at 35.86, down 44 points. The crop progress report highlighted the continued delayed nature of the crop, saying soybeans were just 23% harvested compared to 49% last year and 57% for the five year average. Crop condition ratings also fell a little with 10% poor/very poor compared to 9% the previous week and 65% good/excellent compared to 67% the previous week. Latest weather forecasts look a little less threatening as far as cold is concerned but still remain wet.
Corn
December corn finished at $3.81 ¾, up ½ cent March Corn at $3.93 ¼, up ¼ cent. The USDA crop progress report showed 13% of the corn harvested compared to 20% last year and 35% for the five year average. The report also said 74% of the corn was mature compared to 84% last year and 92% for the five year average. Crop condition ratings were the same as last week. As with beans the latest weather models continue to show plenty of rain in the forecast, indicating that catching up this late harvest is going to stay a troublesome task.
Wheat
December wheat closed with strong gains at $5.11 ¼, up 17 cents. Delays in planting double cropped soft red winter wheat are in evidence, with the soybean harvest so heavily behind schedule. The USDA crop progress report showed winter wheat seeding at 64% compared to 69% for last year and the five year average. Emergence was at 39%, slightly behind the five year average of 40% and 3 points behind last years 42%.
November soybeans closed at 9.93, down 6 cents October Soybean Meal at 326.30, up 3.50 points October Soybean Oil at 35.86, down 44 points. The crop progress report highlighted the continued delayed nature of the crop, saying soybeans were just 23% harvested compared to 49% last year and 57% for the five year average. Crop condition ratings also fell a little with 10% poor/very poor compared to 9% the previous week and 65% good/excellent compared to 67% the previous week. Latest weather forecasts look a little less threatening as far as cold is concerned but still remain wet.
Corn
December corn finished at $3.81 ¾, up ½ cent March Corn at $3.93 ¼, up ¼ cent. The USDA crop progress report showed 13% of the corn harvested compared to 20% last year and 35% for the five year average. The report also said 74% of the corn was mature compared to 84% last year and 92% for the five year average. Crop condition ratings were the same as last week. As with beans the latest weather models continue to show plenty of rain in the forecast, indicating that catching up this late harvest is going to stay a troublesome task.
Wheat
December wheat closed with strong gains at $5.11 ¼, up 17 cents. Delays in planting double cropped soft red winter wheat are in evidence, with the soybean harvest so heavily behind schedule. The USDA crop progress report showed winter wheat seeding at 64% compared to 69% for last year and the five year average. Emergence was at 39%, slightly behind the five year average of 40% and 3 points behind last years 42%.
