CBOT Closing Comments
Soybeans
July soybeans closed at USD9.32, down 5 3/4 cents; July soybean meal closed at USD269.40, down USD4.10; July Soybean oil closed at 37.52, down 9 points. A firm dollar and weak crude oil and equities led beans lower. Another week of decent planting weather saw US soybean planting progress reach 74% with 46% of the crop emerged. Condition ratings for beans will almost certainly be available next week. The China National Grain & Oils Information Centre say that soybean imports in the 2010 calendar year may rise from the 46 MMT currently predicted to 48 MMT.
Corn
July Corn closed at USD3.54, down 5 cents; Dec corn closed at USD3.75 1/4, down 4 3/4 cents. The USDA pegged corn plantings at 97% complete and emergence was 85%. Crop conditions leapt by 5 percentage points to 76% good/excellent. Ideal weather conditions are in the forecast for the next several days. China sold almost all of its corn on offer at the weekly auction, although no more purchases from the US 9or anywhere else) have been confirmed in the past few days. Weaker crude oil and a firm dollar added to the bearish tone.
Wheat
July CBOT wheat closed at USD4.50 3/4, down 7 cents; July KCBT wheat closed at USD4.78, down 3 1/2 cents; July MGEX wheat closed at USD5.01, down 5 cents. July CBOT wheat posted new contract lows. Spring wheat planting came in at 95%, one point behind the five year average, with emergence on par with the average at 84%. Winter wheat was 75% headed, lagging 3 points behind the five year average. Winter wheat condition ratings dropped a point from last week in the good/excellent category at 65%.
July soybeans closed at USD9.32, down 5 3/4 cents; July soybean meal closed at USD269.40, down USD4.10; July Soybean oil closed at 37.52, down 9 points. A firm dollar and weak crude oil and equities led beans lower. Another week of decent planting weather saw US soybean planting progress reach 74% with 46% of the crop emerged. Condition ratings for beans will almost certainly be available next week. The China National Grain & Oils Information Centre say that soybean imports in the 2010 calendar year may rise from the 46 MMT currently predicted to 48 MMT.
Corn
July Corn closed at USD3.54, down 5 cents; Dec corn closed at USD3.75 1/4, down 4 3/4 cents. The USDA pegged corn plantings at 97% complete and emergence was 85%. Crop conditions leapt by 5 percentage points to 76% good/excellent. Ideal weather conditions are in the forecast for the next several days. China sold almost all of its corn on offer at the weekly auction, although no more purchases from the US 9or anywhere else) have been confirmed in the past few days. Weaker crude oil and a firm dollar added to the bearish tone.
Wheat
July CBOT wheat closed at USD4.50 3/4, down 7 cents; July KCBT wheat closed at USD4.78, down 3 1/2 cents; July MGEX wheat closed at USD5.01, down 5 cents. July CBOT wheat posted new contract lows. Spring wheat planting came in at 95%, one point behind the five year average, with emergence on par with the average at 84%. Winter wheat was 75% headed, lagging 3 points behind the five year average. Winter wheat condition ratings dropped a point from last week in the good/excellent category at 65%.
