CBOT Closing Comments

Soybeans

November soybean futures closed at $9.95 ½, down 11 ¼ cents, December soymeal futures at $301.60, down $4.80, and December soyoil futures at 37.55 cents, up 2 points. In a volatile session futures opened higher but quickly swung lower despite a weak dollar and firm crude oil. Trade estimates for tomorrow's weekly export sales report range from 500,000 to 650,000 MT. Informa Economics reduced their 2009 production estimate slightly to 3.333 billion bushels, from 3.383 last month.

Corn

December corn futures closed at $3.84, down 6 cents. As with beans corn opened higher but soon moved into negative territory. Nearby weather is finally allowing the harvest to move forward. Estimates for tomorrow's export sales range between 350,000 to 550,000 MT. Informa Economics pegged this season's crop at 13.064 billion bushels, with an average yield of 164.8 bushels per acres. That's a little bit lower on their estimate last month of 13.127 billion bushels and a yield of 164.7 bushels per acre.

Wheat

December wheat futures closed at $5.21, up 5 ¼ cents. Weekly export sales estimates for tomorrow's USDA report range from 350,000 to 550,000 MT. A sharply lower US dollar and crude oil back above $80/barrel helped things today. More than that maybe was the fact that the spec trader, despite having recently reduced his exposure, is still heavily short on CBOT wheat. There was most likely some spread trade taking place late in the session, involving the selling of corn and buying of wheat.