CBOT Ends Lower On Dollar Strength


July Soybeans closed at USD9.41, down 12 ½ cents; July soymeal ended USD2.90 lower at USD273.90; July soyoil settled 38 points lower at 37.13. A firm dollar and sharply lower crude oil pressured prices from the off. A benign weather situation saw the USDA reporting that soybeans were 38% planted this afternoon, that's well ahead of the five year average of just 5% and the fastest pace since 2005. Long range weather forecasts are warming up.


July Corn closed at USD3.56, down 7 cents; Dec Corn ended at USD3.73 ¾, down 6 ¼ cents. The USDA reported corn at 87% planted and 55% emerged, that's the fastest emergence since 2000. Today was also the first day that the USDA reported on crop conditions, saying that 67% of the crop was rated good to excellent. European economic fears, coupled with a strong dollar and weak crude oil weighed on prices throughout the session.


July CBOT Wheat closed at USD4.69, down 2 ½ cents; July KCBT Wheat at USD4.90, down 1 cent; July MGEX Wheat ended at USD5.11 ¾, down 1 cent. US wheat continues to decline pressured by the strong dollar making exports uncompetitive. Spring wheat planting is 79% done, said the USDA. That's one point behind the five year average. Emergence is 55% versus 47% for the five year average. Winter wheat heading is behind the five year average at 52% compared to 56%. Winter wheat condition ratings were unchanged from a week ago at 8% poor/very poor and 66% good/excellent.