CBOT Closing Comments
Soybeans
November soybeans finished at $9.96 ¼, up 18 ¾ cents, December soymeal futures finished at $298.30, up $3.60, December soy oil futures finished at 37.59 cents, up 65 points. The USDA reported that 39.092 million bushels of soybeans were inspected for export for the week ending October 15, that was well above trade estimates. A dry weekend and early start to the week will again give way to another round of rain beginning Tuesday in the west, spreading eastwards, further hampering harvest efforts.
Corn
December corn futures settled at $3.86 ¼, up 14 ¼ cents. A weak dollar and firm crude oil helped corn today. Oil increased for an eighth straight day, its longest winning streak in two years, to close at it's best levels in twelve months. It's back to normal as far as US weather is concerned starting tomorrow, with widespread rains sweeping in from the west. The USDA reported that 24.569 million bushels of corn were inspected for export for the week ending October 15, which was towards the low end of trade estimates.
Wheat
December wheat futures closed at $5.17 ¾, up 19 cents. The USDA reported 18.627 million bushels of wheat were inspected for export for the week ending October 15, in line with expectations. Wet weather delaying corn and soybean harvesting may also ultimately lead to lower US winter wheat seedings. Large spec fund shorts have been vulnerable to a technical bounce in wheat futures in recent sessions. A weak dollar was also supportive.
November soybeans finished at $9.96 ¼, up 18 ¾ cents, December soymeal futures finished at $298.30, up $3.60, December soy oil futures finished at 37.59 cents, up 65 points. The USDA reported that 39.092 million bushels of soybeans were inspected for export for the week ending October 15, that was well above trade estimates. A dry weekend and early start to the week will again give way to another round of rain beginning Tuesday in the west, spreading eastwards, further hampering harvest efforts.
Corn
December corn futures settled at $3.86 ¼, up 14 ¼ cents. A weak dollar and firm crude oil helped corn today. Oil increased for an eighth straight day, its longest winning streak in two years, to close at it's best levels in twelve months. It's back to normal as far as US weather is concerned starting tomorrow, with widespread rains sweeping in from the west. The USDA reported that 24.569 million bushels of corn were inspected for export for the week ending October 15, which was towards the low end of trade estimates.
Wheat
December wheat futures closed at $5.17 ¾, up 19 cents. The USDA reported 18.627 million bushels of wheat were inspected for export for the week ending October 15, in line with expectations. Wet weather delaying corn and soybean harvesting may also ultimately lead to lower US winter wheat seedings. Large spec fund shorts have been vulnerable to a technical bounce in wheat futures in recent sessions. A weak dollar was also supportive.
