CBOT Closing Comments


November soybean futures closed at $9.86 ½, down 19 ½ cents, December soymeal futures at $294.80, down $8.50, December soy oil futures closed at 37.63 cents, down 31 points. A drier outlook for the week ahead was blamed for a sharp sell-off today, although some forecasters are saying that this will be confined to the western half of the Midwest. The USDA pegged 44% of the soybean crop as harvested as of Sunday, in the middle fo trade estimates of 40-50%. This is still sharply lower than the five year average of 80% done at this time of year however. Top producing state of Iowa is only 47% vs 91% normally, Illinois is 33% vs 86% normally.


December corn futures finished at $3.78, down 19 ¾ cents, a sell-off in equities contributed to weakness in corn today, along with weak crude oil dipping back below USD80/barrel. Earlier today the USDA reported corn inspection for export for the previous week came in at 23.996 million bushels, which fell slightly below trade estimates ranging from 25 to 35 M bu. The USDA said that the corn harvest only improved 3% from last week to 20% done vs 58% normally, maturity is 90% vs 99% normally. The top state of Iowa only advanced 2% to 12%, Illinois was only up 3% to 14%, and Nebraska up 2% to 15%. These are the top 3 US states,


December wheat futures settled at $5.27, down 20 ¾ cents. The USDA report US winter wheat plantings at 76% done vs 85% normally. Illinois is 33% vs 82% normally and Indiana 43% vs 83%. Top producing state of Kansas also lags by 9 points at 80%. A drier outlook in the west might help winter wheat sowing advance this week. Earlier today the USDA reported that 14.336 million bushels of wheat were inspected for export for the previous week, which fell within trade estimates ranging from 15 to 20 M bu.