CBOT Closing Comments
Soybeans
January soybean futures finished at USD10.46, up 7 cents December soymeal futures finished at USD317.10, down USD1.30 December soy oil futures finished at 39.71 cents, up 26 points. Lower crude oil and weakness in some of the other outside markets, and a firmer dollar capped gains ahead of the weekend. Unprecedented Chinese demand, coupled with the lack of soybeans in South America until the new year, leaves the US as pretty much the only shop in town.
Corn
December corn futures settled at USD3.91, down 4 cents. News that Mexico bought 734,000 MT of US corn was supportive, as too is the continuing delays to the US harvest. The USDA will report on Monday night how much progress has been made from last Sunday's 54% complete. The outside markets, which have buoyed the agri futures recently, had a consolidation day Friday which weighed on prices a little. Will the funds be back in on Monday? That has been the pattern for the last few weeks.
Wheat
December CBOT wheat futures closed at USD5.59 ¾, down 2 ¾ cents. Wheat was also in consolidation mode Friday. The USDA will report Monday night how much progress has been made with winter wheat plantings. SRW seedings in Illinois continue to run well behind schedule. The Argentine Ag Ministry pegged wheat production there at just 7 MMT this season, that's a million tonnes less that the USDA's current estimate, and the smallest output since 1977. The US will be hoping that that means Brazil will be looking north for supplies in 2010, they could do with the sales.
January soybean futures finished at USD10.46, up 7 cents December soymeal futures finished at USD317.10, down USD1.30 December soy oil futures finished at 39.71 cents, up 26 points. Lower crude oil and weakness in some of the other outside markets, and a firmer dollar capped gains ahead of the weekend. Unprecedented Chinese demand, coupled with the lack of soybeans in South America until the new year, leaves the US as pretty much the only shop in town.
Corn
December corn futures settled at USD3.91, down 4 cents. News that Mexico bought 734,000 MT of US corn was supportive, as too is the continuing delays to the US harvest. The USDA will report on Monday night how much progress has been made from last Sunday's 54% complete. The outside markets, which have buoyed the agri futures recently, had a consolidation day Friday which weighed on prices a little. Will the funds be back in on Monday? That has been the pattern for the last few weeks.
Wheat
December CBOT wheat futures closed at USD5.59 ¾, down 2 ¾ cents. Wheat was also in consolidation mode Friday. The USDA will report Monday night how much progress has been made with winter wheat plantings. SRW seedings in Illinois continue to run well behind schedule. The Argentine Ag Ministry pegged wheat production there at just 7 MMT this season, that's a million tonnes less that the USDA's current estimate, and the smallest output since 1977. The US will be hoping that that means Brazil will be looking north for supplies in 2010, they could do with the sales.
