CBOT Closing Comments
Soybeans
May soybeans closed 22 3/4 cents lower at USD9.45 1/2; soymeal ended USD4.50 lower at USD278.40; July soyoil settled 81 points lower at 38.12. Beans came under heavy selling pressure late in the session as the US stock market collapsed. The dollar was very strong and crude oil acutely weak as nervousness over the knock-on effects of the Greek problems spread. As their harvest wraps up, Brazilian analysts CONAB and the IBGE both upped their production estimates to 67.9 MMT, and the Argentine harvest is now well advanced at almost 75% done. Weekly export sales from the USDA were a bit disappointing, although China did buy both old and new crop beans.
Corn
May Corn futures closed at USD3.64, down ¾ cent; December Corn futures were at USD3.84 ¾, down 4 ½ cents. Spillover weakness from soybeans pressured corn late on, although weekly export sales were a marketing year high at 1,850,800 MT for old crop. The trade had been expecting sales of around a million tonnes, so today's numbers are pretty impressive, especially as they fall on top of the previous week's total of 1,430,700 MT. China frustratingly wasn't confirmed as buying more US corn than the 115,000 MT that the USDA had already confirmed last week.
Wheat
July CBOT Wheat closed at $5.08 ¼, down 3 ¾ cents; July KCBT Wheat was at USD5.19 ½, down 4 ½ cents; July MGEX Wheat at USD5.37, down 6 ½ cents. The Wheat Quality Council completed their tour of Kansas today, pegging final yields at 40.7 bu/acre. That is down on last season's final yields of 42 bu/acre, and considerably lower than the trade had been expecting. That puts final output in the state that accounts for around a quarter of all US winter wheat at 333.5 million bushels, almost 10% lower than last season's 369.6 million bushels.
May soybeans closed 22 3/4 cents lower at USD9.45 1/2; soymeal ended USD4.50 lower at USD278.40; July soyoil settled 81 points lower at 38.12. Beans came under heavy selling pressure late in the session as the US stock market collapsed. The dollar was very strong and crude oil acutely weak as nervousness over the knock-on effects of the Greek problems spread. As their harvest wraps up, Brazilian analysts CONAB and the IBGE both upped their production estimates to 67.9 MMT, and the Argentine harvest is now well advanced at almost 75% done. Weekly export sales from the USDA were a bit disappointing, although China did buy both old and new crop beans.
Corn
May Corn futures closed at USD3.64, down ¾ cent; December Corn futures were at USD3.84 ¾, down 4 ½ cents. Spillover weakness from soybeans pressured corn late on, although weekly export sales were a marketing year high at 1,850,800 MT for old crop. The trade had been expecting sales of around a million tonnes, so today's numbers are pretty impressive, especially as they fall on top of the previous week's total of 1,430,700 MT. China frustratingly wasn't confirmed as buying more US corn than the 115,000 MT that the USDA had already confirmed last week.
Wheat
July CBOT Wheat closed at $5.08 ¼, down 3 ¾ cents; July KCBT Wheat was at USD5.19 ½, down 4 ½ cents; July MGEX Wheat at USD5.37, down 6 ½ cents. The Wheat Quality Council completed their tour of Kansas today, pegging final yields at 40.7 bu/acre. That is down on last season's final yields of 42 bu/acre, and considerably lower than the trade had been expecting. That puts final output in the state that accounts for around a quarter of all US winter wheat at 333.5 million bushels, almost 10% lower than last season's 369.6 million bushels.
