CBOT Closing Comments


July soybeans closed 9 1/4 cents higher at USD9.62 3/4; December soymeal ended USD3.10 higher at USD264.30; December soyoil settled 15 points higher at 36.87. The trade is concerned that Wednesday's USDA acreage figures were overstated for beans. 2009/10 ending stocks are also likely to be reduced on the back of this week's numbers. Informa today pegged the 2010 US soybean crop at 3.385 billion bushels, up on the USDA's estimate last month of 3.31 billion.


July corn ended down 1 1/2 cents at USD3.64; Dec corn closed down 3/4 cent at USD3.72 1/2. Weak crude oil and an uncertain US dollar capped any gains today, ahead of the long 3 day weekend. There was also some consolidation after a couple of days of steep rises. Informa Economics pegged 2010 US corn production at 13.241 billion bushels, slightly lower than last month's USDA estimate of 13.37 billion.


CBOT Sep wheat ended up 3 1/4 cents at USD5.03; KCBT Sep wheat rose 6 cents to USD5.16; MGE Sep wheat ended up 4 1/2 cents at USD5.31. Short covering seems to be the main driver in the market, when you have as many fund shorts as we have seem in this market recently, then they are always going to be vulnerable to an upside rally for little or no apparent reason.