CBOT Closing Comments


November soybean futures closed at $9.82 1/2, down 13 3/4 cents; December soymeal futures at $292.50, down 5.80 points and December soy oil futures at 37.47 cents, down 12 points. The continued slow pace of this season's harvest remains a serious concern. Harvest only improved from 23% last Sunday to 30% as of this Sunday, which is still 34 points behind last year and 42 points behind the five year average. South American group Celeres, estimate that the Brazilian soybean crop is currently 12% planted.


December corn ended down 1 3/4 cents at $3.84 1/2, and March corn ended down 1 1/4 cents at $3.96 3/4. Harvest progressed from 13% last week to just 17% as of Sunday, and consequently remains well behind last years 28% and the five year average of 46%. The states remaining most behind their averages are Illinois, Indiana, Minnesota, Michigan and Ohio. Harvest pace is now at the slowest level since the USDA began publishing weekly progress reports in 1985.


December wheat closed down 1/4 cent at $5.17 1/2. The very slow progress in the corn and soybean harvest is seen adversely affecting winter wheat plantings, especially SRW in eastern states like Illinois and Ohio. World wheat demand seems to be picking up, but a firmer dollar today won't help that come the way of US wheat too much. The Russian wheat harvest is now seen at around 62 million tonnes in bunker weight.