CBOT Closing Comments


November soybean futures closed at $9.85 ½, up 17 cents, December soymeal at $295.30, up $4.00 and December soyoil at 37.52 cents, up 66 points. Outside markets helped with crude up almost $2.50, a weak dollar and Wall Street closing almost 200 points higher. Weekly export sales of 691,000 MT were mostly for for China (437,000 MT), and a little above trade estimates. Actual exports for the week were a rather large 1,433,600 MT with China accounting for a monstrous 1,018,500 MT of that.


December corn futures closed at $3.79 ½, up 10 ½ cents, March corn finished at $3.92 ½, up 11 cents. A weak dollar and sharply higher crude oil also helped corn. Weekly export sales were however below expectations at 367,200 MT, with exports at 667,000 MT. Rain amounts of 1 to 3 inches are expected to reach southern Illinois, Missouri and Indiana over the next five days before above normal temperatures and below normal rainfall finally enter large parts of the Midwest.


December wheat futures were at $5.03 ¾, up 9 cents, off the days highs but still a partial reversal of the performance over the past four sessions. Weekly export sales were a little under trade ideas at 347,700 MT old crop and 18,000 MT new crop. The weak dollar was also a contributory factor. More storms and rain over the next few days will continue to delay the US corn and soybean harvest, increasing the chances of less US winter wheat acres getting sown.