CBOT Closing Comments


CBOT August soybeans finished 2 1/2 cents higher at USD9.97 1/2; July Soybean Meal closed at USD313.00, up USD0.10; July Soybean Oil closed at 38.05, up 13 points. The August soybean contract became the spot month at a 39 cent discount to the expiring July contract. Estimates for tomorrow's export sales report range from 650,000 to 1,000,000 MT. The market is nervous about reports of heat setting up in the western corn-belt. The Climate Prediction Centre 6-10 forecast is ominous, calling for much above normal temperatures and low rainfall in the US grain belt July 19-23.


July corn, which expired today, ended up 8 1/2 cents at USD3.75 1/4 per bushel; Sep corn ended up 9 cents at USD3.84 1/4, and Dec corn closed up 9 1/4 cents at USD3.96 1/4. Above normal temperatures are forecast out through July 28th for most of the growing region. Estimates for tomorrow's weekly export sales report are between 700,000 and 1,150,000 MT. Funds bought an estimated 11,000 contracts today.


CBOT September wheat ended 9 3/4 cents higher at USD5.59; September KCBT wheat settled 5 3/4 cents higher at USD5.72 1/2; September MGE wheat finished 4 3/4 cents higher at USD5.83 1/4. Russia is now reportedly having it's worst drought in 100 years. Other production losses across Europe look like they may improve US export ambitions. HRW cash prices are reportedly running at six month highs, and hopes are up that US wheat might get a look in when Iraq announces the results of it's recent tender. Export sales estimates for tomorrow's weekly export sales report range from 300,000 to 500,000 MT.