CBOT Closing Comments


August soybeans closed at USD10.11 3/4, up 3 3/4 cents; November soybeans closed at USD9.73, up 1 cent; August soybean meal closed at USD301.50, down USD3.50; August soybean oil closed at 38.40, up 44 points. Supportive factors were the USDA announcing a sale of 115,500 MT of soybeans for 2010/11 delivery to China. Crude oil was a bit higher and the dollar a wee bit lower, which also helped.


September corn closed at USD3.74, down 7 1/2 cents; Dec corn closed at USD3.87 1/2, down 6 1/2 cents. Rain forecasts for the most of the eastern Corn Belt and portions of the Midwest are looking for up to nearly 5 inches of rain over the next five days. Above normal heat is also forecast to continue up until August 2nd. A strong dollar and weak crude also weighed.


September CBOT wheat closed at USD5.77, down 5 1/4 cents; September KCBT wheat closed at USD5.89 1/2, down 5 3/4 cents; September MGEX wheat closed at USD6.01 3/4, down 1 1/4 cents. Despite ongoing concerns over this year's Russian grain harvest, they still managed to undercut US and EU Wheat in today's Egyptian tender.