CBOT Closing Comments


CBOT August soybeans finished 27 1/4 cents higher at USD9.67 3/4; December soymeal ended USD9.80 higher at USD272.20; December soyoil settled 100 points higher at 37.60. Last night's USDA crop ratings were a surprise, cutting good/excellent by one percentage point, when most of the trade had been expecting an improvement. The trade anticipates a cut in US ending stocks in Friday's USDA report.


July corn ended up 10 3/4 cents at USD3.70 3/4 per bushel; Dec corn ended up 10 cents to USD3.89 1/4. The trade is positioning ahead of Friday's USDA report, but seems to be in no mood to press the downside too much. After the close last night the USDA reported corn as 71% good/excellent, down two points on a week ago.


CBOT September wheat ended up 23 cents at USD5.30 1/2, KCBT September wheat was up 24 1/2 cents at USD5.45 1/2; MGE September wheat rose 25 3/4 cents to USD5.61. US spring wheat ratings good/excellent fell one point from last week to 83%, but are still amongst the best since 1990, according to the USDA last night.