CBOT Closing Comments


July soybeans settled 5 cents higher at USD9.53 1/2 a bushel; July soymeal ended USD2.10 higher at USD291.50; July soyoil settled 41 points lower at 35.87. Spillover support from buoyant corn futures helped beans close in positive territory, although a weak performance by crude oil limited gains. Weekly export sales were ahead of expectations at 264,000 MT for delivery in 2009/10 and 451,000 MT for delivery in 2010/11. Tight old crop stocks is keeping front-end premiums.


July corn closed 11 1/4 cents higher at USD3.65 1/2; December corn ended up 11 cents at USD3.84 1/2 a bushel. Export sales of 649,700 MT for delivery in 2009/10 and 76,500 MT for delivery in 2010/11 were below expectations. However spillover support from yesterday's surprise stocks and acreage numbers from the USDA provided good underlying support. The five day weather forecast is calling for 1 to 2 inches of rain in the already drenched areas of the Midwest. Dollar weakness also added support.


CBOT September wheat finished up 19 1/2 cents at USD4.99 3/4; KCBT September wheat rose 14 cents to USD5.10; MGE September wheat rallied 14 1/4 cents to USD5.26 1/2. Spillover strength from corn flushed some more nervous shorts into the market today. Yesterday's USDA report caught everybody on the hop, the subsequent strength in corn has undermined hefty fund short positions in wheat. Export sales were in line with forecasts at 418,400 MT. Although the HRW wheat harvest is winding down in Kansas, the five day forecast predicts more rain for SRW wheat states like Missouri, which has already been plagued by above normal rainfall this year.