CBOT Closing Comments


July Soybeans closed at USD9.38 ½, down 1 cent; July soymeal ended USD0.20 lower at USD273.40; July soyoil settled 0.31 cents higher at 37.50. Soybean planting in the US is expected to reach around the halfway point by the end of the weekend. Estimates for Thursday's export sales report range from 400,000 to 700,000 MT. A reversal in the fortunes of crude oil also lent some support.


July Corn closed at USD3.59 ¼, down ½ cent; December Corn finished at USD3.78, down ½ cent. Corn posted only nominal losses despite the ferocious planting pace in the US on continued Chinese buying. State-owned agency Cofco was said to have bought more US corn overnight, fulfilling it's 500,000 MT import quota. Other private Chinese buyers are also said to be in the market and actively applying for import licences. Private exporters announced to the USDA the sale of 124,000 MT of corn to unknown for 2010 delivery.


July CBOT Wheat closed at USD4.69 ¼, up 1 ½ cents; July KCBT Wheat was at USD4.91 ½, up 3 ½ cents; July MGEX Wheat at USD5.11 ¾, down ½ cent. Early winter wheat harvesting is being stalled by rains in the Southern Plains. Warmer and drier weather is needed to combat disease due to the wet weather. Condition ratings fell in both Oklahoma and Kansas for the winter wheat last week, with Oklahoma conditions dropping sharply from 74% good/excellent to 67% good/excellent.