CBOT Closing Comments
Soy
November soybeans closed at 9.94, up 1 cent October Soybean Meal at 336.00, up 9.70 points October Soybean Oil at 35.95, up 9 points. The NOPA crush for soybeans for September was 107.4 million bushels, below expectations of 113 million. Snow will be in the picture for the Northern Plains and WCB today and Thursday with another round of mainly light rain and some snow for much of the Corn Belt for the start of the weekend too as another slowly crosses, say QT Weather. This will continue to hamper harvest activity with only 23% of the crop harvested compared to 49% last year and 57% for the five year average.
Corn
December corn closed at $3.83, up 1 ¼ cents, with March corn at $3.95, up 1 ¾ cents. As the harvest drags on this afternoon's forecast is calling for above to much above normal precipitation for most of the US from October 20th to the 24th. Crude oil prices are also helping corn values as crude is very close to 2009 highs. The corn harvest is only 13% done compared to 20% last year and 35% for the five year average.
Wheat
December CBOT wheat finished the day at $5.13, up 1 ¾ cents. Iraq purchased 200,000 tonnes of hard red winter wheat for 2009/10 shipment. Egypt announced this afternoon they would tender for 30-60,000 MT of wheat for shipment in the last half of November, first half of December from option origin. The delayed bean and corn harvest is bullish for wheat too as it may prevent some winter acreage from getting into the ground. Short-covering and unwinding of bean/corn longs against wheat shorts has also been a feature of recent sessions in the wheat pit.
November soybeans closed at 9.94, up 1 cent October Soybean Meal at 336.00, up 9.70 points October Soybean Oil at 35.95, up 9 points. The NOPA crush for soybeans for September was 107.4 million bushels, below expectations of 113 million. Snow will be in the picture for the Northern Plains and WCB today and Thursday with another round of mainly light rain and some snow for much of the Corn Belt for the start of the weekend too as another slowly crosses, say QT Weather. This will continue to hamper harvest activity with only 23% of the crop harvested compared to 49% last year and 57% for the five year average.
Corn
December corn closed at $3.83, up 1 ¼ cents, with March corn at $3.95, up 1 ¾ cents. As the harvest drags on this afternoon's forecast is calling for above to much above normal precipitation for most of the US from October 20th to the 24th. Crude oil prices are also helping corn values as crude is very close to 2009 highs. The corn harvest is only 13% done compared to 20% last year and 35% for the five year average.
Wheat
December CBOT wheat finished the day at $5.13, up 1 ¾ cents. Iraq purchased 200,000 tonnes of hard red winter wheat for 2009/10 shipment. Egypt announced this afternoon they would tender for 30-60,000 MT of wheat for shipment in the last half of November, first half of December from option origin. The delayed bean and corn harvest is bullish for wheat too as it may prevent some winter acreage from getting into the ground. Short-covering and unwinding of bean/corn longs against wheat shorts has also been a feature of recent sessions in the wheat pit.
