CBOT Closing Comments
Soybeans
November soybean futures closed at $9.64 ¼, up 16 ¼ cents, December soymeal futures closed at USD294.30, up USD5.50, December soy oil futures closed at 37.77 cents, up 53 points. A new 15-month low in the US dollar index lent a supportive tone to the soy complex, as too did gains in crude oil and gold setting fresh all-time highs. There was also an element of fund money, which was missing from Friday's trade, back in the marketplace today. After the close, the USDA reported the soybean harvest at 75% complete, bang on expectations but well behind 92% normally.
Corn
December corn futures finished at USD3.86, up 19 cents. Outside markets were supportive, with everything from crude oil to gold and equities sharply higher. Fund money also helped, as did reports on Bloomberg that the Chinese corn crop will only come in around 145 MMT this year, that's 10 MMT below the USDA's October estimate and 20 MMT below the official Chinese number. The USDA will issue a revised prediction tomorrow. The USDA reported 26.852 million bushels of corn were inspected for export, which fell within trade estimates ranging 24 to 30 M bu. After the close, the USDA reported the corn harvest was 37% complete as of Sunday, up from 25% a week ago but well below the five year average of 82%,
Wheat
December wheat futures settled sharply higher at USD5.20, up 22 ¾ cents. Spillover strength from the other grain helped wheat today, as did a variety of outside market influences. Short-covering ahead of tomorrow's USDA report may also have been a positive factor, although no major surprises are anticipated. After the close the USDA said that winter wheat plantings in the US are 86% done, a little behind schedule. SRW seedings are of most concern in Illinois (63% vs 96% normally), Indiana (73% vs 96%) and Missouri (38% vs 80%).
November soybean futures closed at $9.64 ¼, up 16 ¼ cents, December soymeal futures closed at USD294.30, up USD5.50, December soy oil futures closed at 37.77 cents, up 53 points. A new 15-month low in the US dollar index lent a supportive tone to the soy complex, as too did gains in crude oil and gold setting fresh all-time highs. There was also an element of fund money, which was missing from Friday's trade, back in the marketplace today. After the close, the USDA reported the soybean harvest at 75% complete, bang on expectations but well behind 92% normally.
Corn
December corn futures finished at USD3.86, up 19 cents. Outside markets were supportive, with everything from crude oil to gold and equities sharply higher. Fund money also helped, as did reports on Bloomberg that the Chinese corn crop will only come in around 145 MMT this year, that's 10 MMT below the USDA's October estimate and 20 MMT below the official Chinese number. The USDA will issue a revised prediction tomorrow. The USDA reported 26.852 million bushels of corn were inspected for export, which fell within trade estimates ranging 24 to 30 M bu. After the close, the USDA reported the corn harvest was 37% complete as of Sunday, up from 25% a week ago but well below the five year average of 82%,
Wheat
December wheat futures settled sharply higher at USD5.20, up 22 ¾ cents. Spillover strength from the other grain helped wheat today, as did a variety of outside market influences. Short-covering ahead of tomorrow's USDA report may also have been a positive factor, although no major surprises are anticipated. After the close the USDA said that winter wheat plantings in the US are 86% done, a little behind schedule. SRW seedings are of most concern in Illinois (63% vs 96% normally), Indiana (73% vs 96%) and Missouri (38% vs 80%).
