CBOT Closing Comments


January soybean futures closed at USD10.53, down 1 ½ cents, December soymeal at USD326.50, up USD8.50 and December soy oil futures at 40.10 cents, down 0.47 points. The market opened heavily down following outside markets on concern over Dubai debt defaults, but quickly reversed those losses to close around unchanged. The USDA reported weekly soybean export sales of sales of 1,135,300 MT, robust but in line with expectations, China taking 859,800 MT of that. What the trade wasn't expecting however were shipments for the period November 13-19 of 2,434,500 MT, with a huge 1,835,500 MT going to China.


December corn futures finished the day at USD3.97 ¼, up 5 ¼ cents, and March corn futures at USD4.13 ½, up 5 ½ cents. Corn opened sharply lower, but was the catalyst to lead a strong grains recovery following much higher than anticipated weekly export sales, The USDA reported total weekly sales of 1,626,500 MT, well above trade estimates for combined sales of 500,000 and 700,000 MT. Of that 402,900 MT was for delivery in 2010/11, mostly for Mexico (352,600 MT). The USAD will report Monday night on corn harvest progress, last weekend only 68% of the US corn crop was in the barn, down from 94% normally at this time of year.


December CBOT wheat futures closed at USD5.48 ¾, down 1 ½ cents, December KCBT wheat futures were at USD5.42 ¾, down 3 ¾ cents and December MGEX wheat futures at USD5.53 ¾, up 2 cents. Wheat export sales were 351,200 MT for 2009/10 delivery and 42,400 MT for 2010/11 delivery, in line with trade estimates of 350,000 to 450,000 MT. First notice day for December wheat is Monday, it's possible that there might be heavy deliveries against that next week, which would weigh on prices. The USDA will report on planting progress Monday. Last week Illinois SRW wheat sowings were at 89% versus 100% normally, whilst Indiana was 90% against 99% normality. Missouri was only 61% done compared to 92% usually at this time of year.