CBOT Closing Comments
Soybeans
July Soybeans closed at USD9.44, up 5 1/2 cents; July soymeal ended USD2.80 higher at USD276.20; July soyoil settled 11 points lower at 37.39. Soybean export sales were 478,500 MT for delivery in 2009/10 and 86,000 MT for delivery in 2010/11, in line with expectations. China took 60,000 MT each of both old and new crop. Old crop supplies remain tight, and despite record production in South America sellers are less than ken there too.
Corn
July Corn closed at USD3.62, up 2 3/4 cents; Dec Corn closed at USD3.78 1/2, up 1/2 cent. The USDA's weekly export sales report for the period May 7-13 featured corn sales of 1,354,100 MT for delivery in 2009/10 and a further 239,000 MT for delivery in 2010/11. That was comfortably above expectations. China was confirmed as buying 239,000 MT of old crop and a further 130,000 MT of new crop. The only thing that seems to be holding back a flood of further buying is the delay in obtaining import permits.
Wheat
July CBOT Wheat closed at USD4.69 3/4, up 1/2 cent; July KCBT Wheat closed at USD4.92 1/2, up 1 cent; July MGEX Wheat closed at USD5.14 3/4, up 3 cents. Weekly wheat export sales were 455,710 MT, right at the average trade guess. "Strong thunderstorms in the Southern Plains improved field moisture for heading wheat in Kansas and Oklahoma. Severe damage has occurred with golf ball sized hail and damaging winds, however," say Martell Crop Projections.
July Soybeans closed at USD9.44, up 5 1/2 cents; July soymeal ended USD2.80 higher at USD276.20; July soyoil settled 11 points lower at 37.39. Soybean export sales were 478,500 MT for delivery in 2009/10 and 86,000 MT for delivery in 2010/11, in line with expectations. China took 60,000 MT each of both old and new crop. Old crop supplies remain tight, and despite record production in South America sellers are less than ken there too.
Corn
July Corn closed at USD3.62, up 2 3/4 cents; Dec Corn closed at USD3.78 1/2, up 1/2 cent. The USDA's weekly export sales report for the period May 7-13 featured corn sales of 1,354,100 MT for delivery in 2009/10 and a further 239,000 MT for delivery in 2010/11. That was comfortably above expectations. China was confirmed as buying 239,000 MT of old crop and a further 130,000 MT of new crop. The only thing that seems to be holding back a flood of further buying is the delay in obtaining import permits.
Wheat
July CBOT Wheat closed at USD4.69 3/4, up 1/2 cent; July KCBT Wheat closed at USD4.92 1/2, up 1 cent; July MGEX Wheat closed at USD5.14 3/4, up 3 cents. Weekly wheat export sales were 455,710 MT, right at the average trade guess. "Strong thunderstorms in the Southern Plains improved field moisture for heading wheat in Kansas and Oklahoma. Severe damage has occurred with golf ball sized hail and damaging winds, however," say Martell Crop Projections.
