CBOT Closing Comments


July soybeans ended 6 1/4 cents higher at USD10.31 3/4; August soymeal settled USD0.10 lower at USD300.80; August soyoil settled at 37.61, up 11 points. Weekly export inspections came in at 6.5 million bushels, higher than last week. The year to date is still ahead of last year by 212 million bushels. After the close the USDA said 65% of the soybean crop was rated good to excellent, down one percentage point from last week. That represents a drop in ratings for the fifth week in a row.


July corn ended down 4 cents at USD3.71 1/4 per bushel; Dec corn ended down 3 1/2 cents at USD3.91 3/4. The USDA reported 152,400 MT of corn sold to unknown for 2010/11 today. On Friday they pegged global corn stocks falling to less than a 62-days supply, the 3rd tightest of the last 35 years. After the close the USDA said that 73% of the corn crop was rated good to excellent as of Sunday, up two percentage points from the previous week. German analysts F O Licht peg the global corn crop at 804 MMT, 28 MMT lower that the USDA said on Friday.


CBOT September wheat ended 2 1/4 cents lower at USD5.35 3/4; September KCBT wheat settled 1 1/4 cents higher at USD5.54 1/2 September MGE wheat finished 4 cents higher at USD5.67. The USDA cut projected world production and ending stocks on Friday, but not as far as most had anticipated. German analysts F O Licht cut their world wheat production estimate to 656 MMT today, 5 MMT lower than the USDA. Export inspections came in at 14.1 million bushels, lower than last week than the previous week but still ahead of last year.