CBOT Closing Comments


July soybeans ended 1/4 cent higher at USD10.32; August soymeal settled USD3.80 lower at USD297.00; July soyoil settled 42 points higher at 37.92 cents per pound. A decline in last night's USDA crop ratings was supportive. Soybeans fell one point in the top two categories to 65% Good/Excellent. Tight nearby supplies and continued Chinese buying is keeping old crop firm.


July corn ended down 4 1/2 cents to USD3.66 3/4 per bushel; Dec corn closed down 4 3/4 cents at USD3.87. Better than anticipated crop ratings from the USDA weighed on the market. The USDA last night pegged 73% of US corn as good/excellent, and increase of 2 points from last week. Crude oil gained more than USD2/barrel, which helped to reduce corn's losses.


CBOT September wheat ended 13 1/2 cents higher at USD5.49 1/4; September KCBT wheat settled 12 1/4 cents higher at USD5.66 3/4; September MGE wheat finished 11 1/2 cents higher at USD5.78 1/2. A weak US dollar and firmer energy prices propelled futures to six-month highs. That is pretty astonishing, nervous large shorts have more to do with the price rally in US futures than anything else.