CBOT Closing Comments Friday


November soybean futures closed at 9.84, up 1 ¾ cents, and December soymeal futures at 301.10, up 10 cents. Export sales were very strong at 1,272,518 MT, well above trade estimates. China was once again the main buyer, booking 961,200 MT. Export shipments were a marketing year high of 1,636,200 MT with China being the main destination taking 1,130,000 MT.


December corn futures ended at 3.90 ½, unchanged. Export sales of 488,463 MT were so so and on the low end of trade guesses. Export shipments of 758,000 MT were not too bad, above the past four week average. Monday will see the USDA report on the latest harvest progress, it will be interesting to see how far corn has advanced from last week's miserly 37% complete, well below the five year average of 82% done.


December wheat futures ended at $5.39, up 7 ¼ cents. Export sales were on the higher end of trade guesses at 412,150 MT and 45% higher than last week. Shipments were up 58% at 456,500 MT from last week. All eyes will be on the USDA's planting progress report Monday night. Last week SRW seedings were of most concern in Illinois (63% vs 96% normally), Indiana (73% vs 96%) and Missouri (38% vs 80%).