CBOT Closing Comments
Soybeans
November soybean closed at $10.08 ½, up 26 cents, December soybean meal at $298.70 up $6.20, December soybean oil at 38.56, up 1.09 points. Rain and cold is the name of the game for the rest of the week in the US. With the harvest already the slowest in at least the last thirty years, that potentially presents some real problems. Firm crude oil and a weak dollar also helped the cause. Trade guesses for tomorrow's USDA weekly export sales report range between 600,000 to 800,000 MT.
Corn
December corn closed at $3.98 ¼, up 13 ¾ cents, March corn at $4.10, up 13 ¼ cents. As with soybeans the weather is bullish, despite reports of great yields from already harvested fields. Crude oil hit a fresh 2009 high, which was also supportive, as too was a weak dollar. The euro climbed to a 14 month high against the dollar today. Trade estimates for tomorrow's USDA export sales range between 550,000 to 850,000 MT.
Wheat
December wheat closed at a ten week high of 5.42 ½, up 25 cents. The painfully slow pace of the US soybean and corn harvest is likely to negatively impact on winter wheat plantings, particularly SRW sowings in eastern states. Large spec shorts in wheat are now getting nervous and unwinding spreads with longs in beans and corn, which is also helping push up wheat levels. It has to be said however, that export business is only OK at best. Japan are expected to buy 91,000 MT of US wheat tomorrow. Estimates for tomorrow's USDA weekly export sales range between 400,000 and 500,000 MT.
November soybean closed at $10.08 ½, up 26 cents, December soybean meal at $298.70 up $6.20, December soybean oil at 38.56, up 1.09 points. Rain and cold is the name of the game for the rest of the week in the US. With the harvest already the slowest in at least the last thirty years, that potentially presents some real problems. Firm crude oil and a weak dollar also helped the cause. Trade guesses for tomorrow's USDA weekly export sales report range between 600,000 to 800,000 MT.
Corn
December corn closed at $3.98 ¼, up 13 ¾ cents, March corn at $4.10, up 13 ¼ cents. As with soybeans the weather is bullish, despite reports of great yields from already harvested fields. Crude oil hit a fresh 2009 high, which was also supportive, as too was a weak dollar. The euro climbed to a 14 month high against the dollar today. Trade estimates for tomorrow's USDA export sales range between 550,000 to 850,000 MT.
Wheat
December wheat closed at a ten week high of 5.42 ½, up 25 cents. The painfully slow pace of the US soybean and corn harvest is likely to negatively impact on winter wheat plantings, particularly SRW sowings in eastern states. Large spec shorts in wheat are now getting nervous and unwinding spreads with longs in beans and corn, which is also helping push up wheat levels. It has to be said however, that export business is only OK at best. Japan are expected to buy 91,000 MT of US wheat tomorrow. Estimates for tomorrow's USDA weekly export sales range between 400,000 and 500,000 MT.
