CBOT Closing Comments


November soybean finished at $9.77 ½, down 5 ½ cents December soymeal at $294.70, down $1.50 and December soybean oil at 36.94, down 16 points. Export sales were 654,500 MT above the range of trade guesses that were between 450,000 and 650,000 MT. China and Taiwan were the main buyers despite the Chinese being on holiday for much of the period. The US harvest continues to lag, and planting is now underway in South America, with record production expected from all the major players.


December corn closed at $3.72, down 1 cent, March closed at $3.83 ¾, down 1 ¼ cents. Export sales were on the low end of trade estimates with net sales at 631,800 MT. A slightly drier outlook for the next few days should allow some advancement in US harvest activity, Crude oil hit its highest levels in twelve months, which is adding a bit of support to corn. Taiwan purchased 52,000 tonnes of Brazilian corn overnight.


December wheat closed at 4.98 ¾, down 6 ¼ cents. Export sales were 480,200 MT within the range of trade estimates of 450,000 to 650,000 MT. Today's CFTC report showed a significant decrease in net short positions by the Large and the Small Speculators totaling 14,577 contracts. South Korea purchased 23,500 tonnes of US wheat but Egypt passed on US (and Russian wheat for once as well) booking 180,000 MT of French wheat.