CBOT Closing Comments


December contracts went off the board mid-session, which explains some of the strange closes today. January soybean futures closed 20 cents at USD10.55. December soymeal futures expired at USD326.50, up USD12, while the new front month January contract closed USD9.70 higher at USD316.20. December soyoil futures expired at 39.40 cents, up 18 points, while the new front month January contract closed 6 points higher at 39.63 cents. Bean export inspections for the week ending December 10 were on the low side at 53.608 million bushels. NOPA say that the Nov soybean crush was 160.3 million bushels, that's up 5 million from October, and almost 7 million more than what had been expected.


December corn futures expired at USD3.92, up 2 ¾ cents, while the new front month March contract settled at USD4.08 ½, up 4 cents. The USDA today reported 116,000 MT of US corn sold to unknown. The USDA also reported 28.088 million bushels of corn were inspected for export, which fell towards the low end of trade estimates. After the close they indicated that the US corn harvest had limped from 88% complete a week ago to 92% done as of Sunday.


December wheat futures at the CBOT, KCBT, and MGEX all expired higher on their last trade day. Chicago SRW finished 5 ¾ cents up at USD5.25. Kansas City HRW finished 8 ¾ cents higher at USD5.26. Minneapolis spring wheat finished 5 ½ cents higher at USD5.33. The new front month March contracts all finished higher as well. Spillover strength from beans and corn helped wheat, as too did a lower dollar. Export inspections of 13.035 million bushels of wheat were towards the low end of expectations.