Chicago Closing Comments


July soybeans closed at USD9.55 1/2, down 2 1/2 cents; November soybeans at USD9.12, down 11 1/2 cents; July soybean meal is at USD290.10, up USD0.80; July soybean ol is at 37.17, down 42 points. A further widening of the old crop-new crop spread was in evidence again today. Weekly export sales beat expectations and shipments were 42% higher than the four week average. The May census crush report was fractionally higher than trade guesses at 133.79 million bushels.


July corn closed at USD$3.33 3/4, down 1 3/4 cents; Dec corn was at USD3.64 1/2, down 1 cent. As with soybeans, weekly export sales were strong, with China buying 230,000 MT of old crop US corn. On a more bearish note Allendale say that US farmers have planted 89.707 million acres of corn this year, the largest area since 1944.


July CBOT wheat ended at USD4.63, up 3/4 cent; July KCBT wheat was at USD4.94 1/4, down 3/4 cent; July MGEX wheat at USD5.24 3/4, down 7 1/2 cents. Weekly export sales were 720,600 MT against forecasts of sales of 250,000 to 450,000 MT. Warmer and dryer weather is predicted for the next 6 to 10 days, which should allow the US harvest to progress further north.