CBOT Closing Comments


November soybean close at $9.73 ½, down 13 cents, December soybean meal at USD287.60, down USD7.20 and December soybean oil at 37.48, down 15 points. Soybean prices finished lower for the third day in a row, declining to two-week lows on a favourable harvest weather outlooks for next week where above normal temperatures and normal rainfall are predicted. The market seems to be content to focus on next week's forecasts rather than more rain (and snow) on the radar for this week.


December corn closed at $3.70 ¾, down 7 ¼ cents, with March at $3.83, down 7 cents. As with soybeans the market is looking at a warmer and drier forecast for next week, rather than yet more rain for the remainder of October. A firmer dollar also put corn under pressure. Disease and the high moisture content in Eastern Midwest corn, where maturity was seriously delayed, is causing moldy kernels in corn that pose special challenges for grain handling and storage, say Martell Crop Projections.


Wheat was the weakest of the three, closing at 5.03 ¼, down 23 ¾ cents. CBOT wheat has dropped over 70 cents the past three days, along with the rise in the US Dollar. Hard red winter wheat was rated 67% good to excellent, 19% fair and only 4% poor by the USDA last night. US winter wheat plantings were 76% done vs 85% normally, with the two main causes for concern Illinois at 33% vs 82% normally, and Indiana at 43% vs 83% on average. Rainfall on the High Plains has been generous promoting favourable early growth, say Martell Crop Projections.