CBOT Closing Comments


July Soybeans closed at USD9.39 ½, down 1 ½ cents; July soymeal ended USD0.30 lower at USD273.60; July soyoil settled 6 points higher at 37.19. Record soybean production from Brazil and Argentina, plus US planting progress well above the five year average along with European economic woes paints a pretty bearish picture for bean prices. China however keep lurking in the background to lend some degree of support.


July Corn closed at USD3.59 ¾, up 3 ¾ cents; Dec Corn was at USD3.78 ½, up 4 ¾ cents. Rumours are that China maybe bought more US (and possibly Argy) corn over the weekend. With today's Chinese government auctions almost fully taken up at prices around USD6.50-7.00 it is hardly surprising that US corn may struggle to decline further from here.


July CBOT Wheat closed at USD4.67 ¾, down 1 ¼ cents; July KCBT Wheat at USD4.88, down 2 cents; July MGEX Wheat at USD5.11 ¼, down ½ cent. The weakness of the euro continues to keep US wheat under pressure. Talk is starting to circulate that US wheat may not be in such a healthy condition as the USDA reports might suggest. The recent Kansas wheat crop tour appeared to confirm this.