CBOT Closing Comments
Soybeans
Soybean futures ended 6 ¾ to 11 ¼ cents higher. Soymeal futures ended 50 cents to $1.90 higher, while soyoil futures ended 54 to 59 points higher. Beans are quite clearly the strongest leg of the complex by some considerable distance. The USDA reported 58.28 million bushels of soybeans were inspect for export in the week ending December 3, which fell above trade estimates ranging 40 to 45 million bu. Five cargoes of soybeans were sold to the Chinese on Friday, and China is expected to possibly import a record amount of soybeans in December - close to 5 MMT. Despite the fact that we should be seeing harvest pressure at this time of year, that's a lot of bullish news.
Corn
Corn futures settled around 4-5 cents lower. The USDA reported 25.92 million bushels of corn were inspect for export for the week ending December 3, which fell towards the low end of trade estimates ranging 23 to 35 million bu. Outside influences also dragged corn down, with crude oil and gold sharply lower. Snow over the Corn Belt and forecaste again later this week will continue to delay harvesting. Funds sold an estimated 7,000 contracts today.
Wheat
Chicago SRW futures were down around 9-10 cents, KCBT HRW were down 11-12 cents, and MGEX spring wheat was down 8-9 cents. The USDA reported 12.98 million bushels of wheat were inspect for export the week ending December 3, which fell below trade estimates ranging 13 to 17 million bu. ABARE report tomorrow on their latest production estimates for Australian grains, a small downwards revision might be in order. The harvest in Argentina is 22% done and yields are poor, say the Ag Ministry, output this year is only seen at around 7 MMT, the lowest in more than 30 years.
Soybean futures ended 6 ¾ to 11 ¼ cents higher. Soymeal futures ended 50 cents to $1.90 higher, while soyoil futures ended 54 to 59 points higher. Beans are quite clearly the strongest leg of the complex by some considerable distance. The USDA reported 58.28 million bushels of soybeans were inspect for export in the week ending December 3, which fell above trade estimates ranging 40 to 45 million bu. Five cargoes of soybeans were sold to the Chinese on Friday, and China is expected to possibly import a record amount of soybeans in December - close to 5 MMT. Despite the fact that we should be seeing harvest pressure at this time of year, that's a lot of bullish news.
Corn
Corn futures settled around 4-5 cents lower. The USDA reported 25.92 million bushels of corn were inspect for export for the week ending December 3, which fell towards the low end of trade estimates ranging 23 to 35 million bu. Outside influences also dragged corn down, with crude oil and gold sharply lower. Snow over the Corn Belt and forecaste again later this week will continue to delay harvesting. Funds sold an estimated 7,000 contracts today.
Wheat
Chicago SRW futures were down around 9-10 cents, KCBT HRW were down 11-12 cents, and MGEX spring wheat was down 8-9 cents. The USDA reported 12.98 million bushels of wheat were inspect for export the week ending December 3, which fell below trade estimates ranging 13 to 17 million bu. ABARE report tomorrow on their latest production estimates for Australian grains, a small downwards revision might be in order. The harvest in Argentina is 22% done and yields are poor, say the Ag Ministry, output this year is only seen at around 7 MMT, the lowest in more than 30 years.
