CBOT Closing Comments
Soybeans
November soybean futures closed at USD9.63 ¾, up 2 ¼ cents, December soymeal futures at USD289.10, up 0.90 points and December soy oil futures at 38.37, cents, up 0.81 points. The lower US Dollar earlier stimulated some buying interest in the soybeans and then the Dollar rallied limiting the up move. There are some weather concerns emerging from South America already, especially in parts of Argentina, which has been under the grip of drought for nigh on two years now.
Corn
December corn futures finished USD3.94, down ½ cent, and March corn futures at USD4.09 ¼, up ¼ cent, with much of the market action connected to fund trading. The US harvest continues to lag, and after a week to ten days of opportunity forecasters are now calling for that window to be slammed shut next week as widespread rains return to the Midwest.
Wheat
December wheat futures closed at USD5.31 ¾, up 8 ¾ cents. A fresh influx of fund money pushed wheat higher despite bearish fundamentals, traders said. US exports continue to lag, although Japan is shopping for 97,000 MT of mostly US wheat this week and Jordan are in the market for 100,000 MT later in the month. Egypt is also tendering for wheat this week, although US origin has been out of favour recently, a weak dollar may help.
November soybean futures closed at USD9.63 ¾, up 2 ¼ cents, December soymeal futures at USD289.10, up 0.90 points and December soy oil futures at 38.37, cents, up 0.81 points. The lower US Dollar earlier stimulated some buying interest in the soybeans and then the Dollar rallied limiting the up move. There are some weather concerns emerging from South America already, especially in parts of Argentina, which has been under the grip of drought for nigh on two years now.
Corn
December corn futures finished USD3.94, down ½ cent, and March corn futures at USD4.09 ¼, up ¼ cent, with much of the market action connected to fund trading. The US harvest continues to lag, and after a week to ten days of opportunity forecasters are now calling for that window to be slammed shut next week as widespread rains return to the Midwest.
Wheat
December wheat futures closed at USD5.31 ¾, up 8 ¾ cents. A fresh influx of fund money pushed wheat higher despite bearish fundamentals, traders said. US exports continue to lag, although Japan is shopping for 97,000 MT of mostly US wheat this week and Jordan are in the market for 100,000 MT later in the month. Egypt is also tendering for wheat this week, although US origin has been out of favour recently, a weak dollar may help.
