CBOT Closing Comments
Soybeans
January soybean futures finished at USD10.10, up 23 cents December soymeal futures finished at USD304.40, up USD3.30 December soy oil futures finished at 39.77 cents, up 116 points. A steep rises in crude oil futures and a sharply lower US dollar index lent support to futures. The USDA reported 59.845 million bushels of soybean were inspected for export for the previous week, which fell on the high end of trade estimates ranging 50 to 60 million bu. The NOPA October soy crush came in at 155.262 Mbu, fell well above trade estimates ranging 134.5 to 144 million bu.
Corn
December corn futures settled at USD4.02 ¼, up 11 ¾ cents. The US weather outlook remains unhelpful to an timely wrap-up of the harvest. A sharply weaker dollar was also helpful to US corn as was firmer crude oil, and spillover strength from soybeans and wheat. The USDA reported 21.937 million bushels of corn were inspected for export for the previous week, which fell below trade estimates ranging 27 to 33 million bu.
Wheat
December wheat futures closed at $5.62 ¼, up 23 ¼ cents . A steep decline in the US dollar index and higher US stock markets during pit trading lent a supportive tone to futures. Earlier, the USDA reported 15.047 million bushels of wheat were inspected for export for the previous week, which fell within trade estimates ranging 14 to 18 million bu. Weather this past weekend slowed remaining winter wheat plantings, but soil moisture is seen to increase production outlook. Commodity funds bought an estimated 5,000 wheat contracts on the CBOT.
January soybean futures finished at USD10.10, up 23 cents December soymeal futures finished at USD304.40, up USD3.30 December soy oil futures finished at 39.77 cents, up 116 points. A steep rises in crude oil futures and a sharply lower US dollar index lent support to futures. The USDA reported 59.845 million bushels of soybean were inspected for export for the previous week, which fell on the high end of trade estimates ranging 50 to 60 million bu. The NOPA October soy crush came in at 155.262 Mbu, fell well above trade estimates ranging 134.5 to 144 million bu.
Corn
December corn futures settled at USD4.02 ¼, up 11 ¾ cents. The US weather outlook remains unhelpful to an timely wrap-up of the harvest. A sharply weaker dollar was also helpful to US corn as was firmer crude oil, and spillover strength from soybeans and wheat. The USDA reported 21.937 million bushels of corn were inspected for export for the previous week, which fell below trade estimates ranging 27 to 33 million bu.
Wheat
December wheat futures closed at $5.62 ¼, up 23 ¼ cents . A steep decline in the US dollar index and higher US stock markets during pit trading lent a supportive tone to futures. Earlier, the USDA reported 15.047 million bushels of wheat were inspected for export for the previous week, which fell within trade estimates ranging 14 to 18 million bu. Weather this past weekend slowed remaining winter wheat plantings, but soil moisture is seen to increase production outlook. Commodity funds bought an estimated 5,000 wheat contracts on the CBOT.
