CBOT Closing Comments


July soybeans finished down 14 cents at USD9.37 3/4; July soymeal closed down USD2.50 at USD273.50; July soyoil fell 57 points to 37.61. US weather forecasts look conducive for good planting progress this weekend. Crude oil drifted weaker into the long holiday weekend and the DJIA fell sharply in final 15 minutes of trade, ending down 122 points.


July corn closed at USD3.59, down 14 1/4 cents; Dec Corn was at USD3.80, down 13 1/2 cents. The market fell lower around mid-day amid outside pressure from concerns about Europe. US weather conditions look largely ideal for developing corn. "Ideal corn growing weather has dominated the Midwest this week, sunny, warm and humid. Temperatures in the 80s F were well above normal, stimulating rapid growth," say Martell Crop Projections.


July CBOT wheat ended at USD4.57 3/4, down 10 cents; July KCBT Wheat was at USD4.81 1/2, down 11 1/4 cents; July MGEX Wheat closed at USD5.06, down 7 3/4 cents. Egypt confirmed the purchase of 180,000 MT of Russian wheat, proving once again the US wheat is largely too expensive to Mediterranean destinations. A downgrade in Spain's debt rating rekindled investors' worries about European credit.