CBOT Closing Comments


July soybeans closed at USD9.57, up 1 1/2 cents; July soybean meal at USD289.60, down USD0.50; July soybean oil at 37.16, down 1 point. Soybeans were down around 4 cents on the week. It was a quiet session with traders cutting exposure ahead of the weekend. The USDA are out on Wednesday with their June 2010 planting intentions report, and the trade is looking to tidy up open positions ahead of that.


July corn settled 4 1/4 cents lower at USD3.40 1/2; December corn ended 4 cents lower at USD3.60 1/2 a bushel. US weather conditions remain conducive to decent yields again this year. Yesterday's export sales were strong, and South Korea bought another 55,000 MT of US corn overnight. With Argentine set to have a record 2010 crop, sales need to hold up at these levels.


July CBOT wheat closed at USD4.56 1/4, down 6 3/4 cents; July KCBT wheat at USD4.83 3/4, down 10 1/2 cents; July MGEX Wheat at USD5.12 1/4, down 12 1/2 cents. Wheat was down 26 cents on the MGEX futures for the week. Harvesting reports out of Kansas suggest that yields are better than expected. Canada remains a worry though. The quarterly grain stocks report will be out Wednesday, June 30th.