CBOT Closing Comments


November soybean futures closed at $9.78 down 7 ½ cents, December soymeal futures at $297.00, up $1.70 and December soyoil futures at 36.40 cents, down 1.12 points. A firm dollar and weak crude added bearish weakness to beans today. Although immediate US weather forecasts aren't overly friendy, medium term predictions call for more favourable harvest conditions. That seems to be what the market of concentrating on for the time being.


December corn futures closed at $3.66, down 13 ½ cents, and March corn at $3.79 ¼, down 13 ¼ cents. The December contract lost 31 3/4 cents for the week. A stronger dollar and weak crude put corn under pressure for the end of the week. The trade seems to be pinning it's hopes on a drier forecast for the first half of November. I'm not entirely convinced, there are other considerations such as disease to take into account.


December wheat futures closed at $4.94 ¼, down 9 ½ cents. Very wet weather in many parts of the Midwest are seen affecting US winter wheat plantings this season. Today however, the market was concentrating on an improved weather forecast for the first half of November. This will finally facilitate a conclusion to the US soybean and corn harvest and enable most of the planned US winter wheat to get into the ground. At least that is the theory.