CBOT Closing Comments


November soybean closed at $10.05 ½, down 3 cents, December soybean meal at $300.80, up $2.10, and December soybean oil at 38.30, down 26 points. Export sales were very good at 987,305 MT and shipments were 856,403 MT, mostly going to China. It is raining cats and dogs in Central United States Wednesday, drenching farms that are already soggy from a wave train of storms this month, say Martell Crop Projections. After this storm clears through another one will take its place. The weekend forecast continues soggy with more rain on tap, they add.


December corn closed at $4.03 ½, up 5 ¼ cents, and March at $4.14 ¾, up 4 ¾ cents. Delayed harvest continues to be a concern and is supportive to corn prices despite the rallying US Dollar and lower than anticipated export sales today. Hard freezes in the eastern Corn Belt have forced an end to the growing season in much of Indiana and Ohio. October month-to-date rainfall was heavy even before the rain today. Minnesota had already received 5 inches of rain, Illinois, Missouri and southern Indiana, 6-7 inches. Mississippi and Arkansas have received 10 inches of rain in some areas, say Martell Crop Projections.


Wheat finished at 5.51 ¾, up 9 ¼ cents. Winter wheat seedings remain behind average, but huge spec shorts are the main thing behind this market. They've had a good run on the downside but are now getting squeezed out as planting concerns emerge. Export sales were very good this week at 685,137 MT. Trade estimates were between 400,000 and 500,000 MT. Production is also a worry from the likes of Ukraine in 2010, and if demand does pick up, as some are forecasting, then we could be looking at a whole new supply & demand picture a year from now.