CBOT Closing Comments


July soybeans closed at $9.30 1/2, down 10 cents; July soymeal ended USD2.60 lower at USD271.10; July soyoil settled 35 points lower at 37.17. A sharply higher dollar and lower crude oil and stocks set the scene from the opening, although grains did try to buck the trend at one stage overall the task proved too much. The House is now set to attempt to bring the biodiesel tax extension to the floor on Wednesday. If it goes through then that should be supportive for soybean demand.


July corn closed at USD3.64 1/4, down 6 3/4 cents; Dec corn was at USD3.82 3/4, down 6 1/4 cents. Under the circumstances it wasn't too bad a performance from corn. The dollar was up, crude and stocks sharply lower and crop condition ratings jumped 4 points to 71% good/excellent last night. US corn plantings are almost done. In addition funds were said to have liquidated around 10,000 of their net longs during the session. China though seem to be waiting in the wings....


July CBOT wheat ended at USD4.60 1/2, down 7 cents; July KCBT Wheat closed at USD4.84 3/4, down 5 3/4 cents; July MGEX Wheat was at USD5.03 1/4, down 6 3/4 cents. Spring wheat planting moved ahead 12 points from the previous week, according to the USDA last night. Winter wheat heading is behind the five year average by 5 points at 63% with the recent cooler weather pattern. "Showers fired up last night in a band from the Texas panhandle to southern Kansas and including northwest Oklahoma. Wheat producers should expect more beneficial rain in the next couple of days, with recurring strong thunderstorms in the Great Plains," say Martell Crop Projections.