CBOT Closing Comments
Soybeans
November soybean futures closed at USD10.06 ¾, up 9 ¼ cents, December soymeal ended at USD306.40, up USD3.70, and December soy oil futures are at 37.53 cents, up 74 points. Whilst harvest progress continues to lag, quality issues are also becoming more important. The US weather forecast for next week looks much wetter than had been anticipated last week too. Fund money appeared to be the catalyst for a late rally Monday night, with the onset of a new month, more new money seemed to be flowing into the ags today.
Corn
December corn futures closed at USD3.90, up 7 ¾ cents. Yesterday's crop progress report showed the corn harvest at just 25% complete, only five points up on a week ago and fully 46 points behind the five year average. Rain is back in the forecast for next week, and outside markets also lent some support. The dollar was sharply weaker following gold hitting a record all time high before closing over $30 dollars higher at 1,084.90 an ounce. Crude also saw significant gains today.
Wheat
Wheat closed around unchanged levels, not as strong as beans or corn, but well off session lows. Wet weather again back on the horizon for next week will further hamper US farmers to get the remainder of their winter wheat into the ground. Many will likely take any insurance money on offer, particularly in the east where SRW wheat gets planted. Here in states like Illinois seedings Illinois are just 35% done vs 92% normally as the severely delayed soybean and corn harvest hampers winter planting progress.
November soybean futures closed at USD10.06 ¾, up 9 ¼ cents, December soymeal ended at USD306.40, up USD3.70, and December soy oil futures are at 37.53 cents, up 74 points. Whilst harvest progress continues to lag, quality issues are also becoming more important. The US weather forecast for next week looks much wetter than had been anticipated last week too. Fund money appeared to be the catalyst for a late rally Monday night, with the onset of a new month, more new money seemed to be flowing into the ags today.
Corn
December corn futures closed at USD3.90, up 7 ¾ cents. Yesterday's crop progress report showed the corn harvest at just 25% complete, only five points up on a week ago and fully 46 points behind the five year average. Rain is back in the forecast for next week, and outside markets also lent some support. The dollar was sharply weaker following gold hitting a record all time high before closing over $30 dollars higher at 1,084.90 an ounce. Crude also saw significant gains today.
Wheat
Wheat closed around unchanged levels, not as strong as beans or corn, but well off session lows. Wet weather again back on the horizon for next week will further hamper US farmers to get the remainder of their winter wheat into the ground. Many will likely take any insurance money on offer, particularly in the east where SRW wheat gets planted. Here in states like Illinois seedings Illinois are just 35% done vs 92% normally as the severely delayed soybean and corn harvest hampers winter planting progress.
