CBOT Closing Comments


July soybeans closed at USD9.47 1/4, down 7 3/4 cents; July soybean meal at USD290.20, down USD2.10; July soybean oil at 35.93, down 101 points. China bought 230,000 MT of new crop soybeans today, but even that couldn't underpin the market. A higher dollar and sharply lower crude oil led to the declines ahead of tomorrow's USDA reports. The average trade estimates for June 1 soybean stocks is around 594 million bushels. The average estimate for acreage is 78.183 million acres.


July corn settled 8 3/4 cents lower at USD3.25; December corn ended 8 3/4 cents lower at USD3.44 a bushel. Corn fell for the seventh consecutive day. Favourable US weather and ideas that the USDA will increase corn acres in tomorrow's report had corn under pressure from the off. Trade estimates for tomorrow's quarterly June 1 stocks report average 4.598 billion bushels. Trade estimates say that the planted acreage report will show that US farmers planted 89.229 million acres of corn this year, up from the 88.800 million predicted in March.


July CBOT wheat closed at USD4.42, down 7 1/2 cents; July KCBT wheat at USD4.6/ 1/4, down 10 3/4 cents; July MGEX Wheat at USD4.92 1/2, down 9 cents. Estimates for tomorrow's quarterly stocks report average 940 million bushels for all wheat compared to 657 million a year ago, and 1.352 billion in March. Total wheat acreage is estimated to be down from last year at 53.825 million acres compared to 59.13 a year ago and 53.827 in the March report.