CBOT Closing Comments
Soybeans
November soybean futures closed at USD9.48, down 19 cents, December soymeal futures ended at USD288.80, down USD2.50, and December soy oil futures at 36.77 cents, down 41 points. Bearish factors today were an improved weather outlook, a stronger dollar and weaker crude oil. The announcement by private exporters of 356,000 MT of soybeans sales for delivery to China in the 2009/10 marketing year was however somewhat supportive. Pre-weekend book squaring and positioning ahead of Tuesday's USDA production numbers was probably also a feature.
Corn
December corn futures closed at USD3.67, down 9 ½ cents. Crude oil and ethanol futures were weak, and the dollar was stronger despite poor jobs data. Harvest pressure is also a factor and next week's reports from the USDA may show increased corn production, despite the recent weather problems. The October USDA report estimated corn production at 13.018 billion bushels.
Wheat
December wheat futures closed at $4.97 ¼, down 15 cents. Once again wheat was a follower, dragged lower by corn and beans. The USDA will report on Monday night about US winter wheat planting progress. Export demand is slack, with Egypt booking French and Russian wheat this week. Weekly export sales were also poor, as were weekly shipments, at the lowest since June. Canadian grain production for 2009/10 is forecast to drop by over 15% from last year because of less than ideal weather conditions in 2009.
November soybean futures closed at USD9.48, down 19 cents, December soymeal futures ended at USD288.80, down USD2.50, and December soy oil futures at 36.77 cents, down 41 points. Bearish factors today were an improved weather outlook, a stronger dollar and weaker crude oil. The announcement by private exporters of 356,000 MT of soybeans sales for delivery to China in the 2009/10 marketing year was however somewhat supportive. Pre-weekend book squaring and positioning ahead of Tuesday's USDA production numbers was probably also a feature.
Corn
December corn futures closed at USD3.67, down 9 ½ cents. Crude oil and ethanol futures were weak, and the dollar was stronger despite poor jobs data. Harvest pressure is also a factor and next week's reports from the USDA may show increased corn production, despite the recent weather problems. The October USDA report estimated corn production at 13.018 billion bushels.
Wheat
December wheat futures closed at $4.97 ¼, down 15 cents. Once again wheat was a follower, dragged lower by corn and beans. The USDA will report on Monday night about US winter wheat planting progress. Export demand is slack, with Egypt booking French and Russian wheat this week. Weekly export sales were also poor, as were weekly shipments, at the lowest since June. Canadian grain production for 2009/10 is forecast to drop by over 15% from last year because of less than ideal weather conditions in 2009.
