CBOT Closing Comments
Soybeans
November soybeans closed at USD9.82 ¼, up 18 ½ cents, December soymeal at USD391.00, up USD11.90, and December soy oil futures at 38.37 cents, unchanged. Trade estimates for tomorrow's export sales range from 550,000 to 700,000 MT. Last week's sales were 524,900 MT. The soybean harvest is wrapping up for most farmers but lots of corn is still left. Argentine weather looks to be a concern, especially in the west of the country.
Corn
December corn futures closed at USD3.90 ½, down 3 ½ cents, March corn futures at USD4.05 ¾, down 3 ½ cents. Analyst estimates for Friday's corn export sales range from 450,000 to 650,000 MT. Last week's sales were 571,200 MT. China's CNGOIC held their forecast for this season's corn crop unchanged at 163 MMT, despite just about everybody else coming in at 145-155 MMT. US weather is seen turning unfavourable again in the heart of the Midwest Corn Belt beginning Saturday and continuing through Monday, says Gail Martell of Martell Crop Projections.
Wheat
December wheat futures closed at USD5.31 ¾, unchanged. Egypt bought 295,000 MT of wheat from their favourite low-priced supplier, Russia. The grain harvest in Western Australia is off to a slow start hampered by rain. Farmer selling remains light due to unfavourable prices, accentuated by the strong Ozzie dollar. Argentine wheat might have suffered some damage from a recent frost, sources suggest.
November soybeans closed at USD9.82 ¼, up 18 ½ cents, December soymeal at USD391.00, up USD11.90, and December soy oil futures at 38.37 cents, unchanged. Trade estimates for tomorrow's export sales range from 550,000 to 700,000 MT. Last week's sales were 524,900 MT. The soybean harvest is wrapping up for most farmers but lots of corn is still left. Argentine weather looks to be a concern, especially in the west of the country.
Corn
December corn futures closed at USD3.90 ½, down 3 ½ cents, March corn futures at USD4.05 ¾, down 3 ½ cents. Analyst estimates for Friday's corn export sales range from 450,000 to 650,000 MT. Last week's sales were 571,200 MT. China's CNGOIC held their forecast for this season's corn crop unchanged at 163 MMT, despite just about everybody else coming in at 145-155 MMT. US weather is seen turning unfavourable again in the heart of the Midwest Corn Belt beginning Saturday and continuing through Monday, says Gail Martell of Martell Crop Projections.
Wheat
December wheat futures closed at USD5.31 ¾, unchanged. Egypt bought 295,000 MT of wheat from their favourite low-priced supplier, Russia. The grain harvest in Western Australia is off to a slow start hampered by rain. Farmer selling remains light due to unfavourable prices, accentuated by the strong Ozzie dollar. Argentine wheat might have suffered some damage from a recent frost, sources suggest.
