CBOT Closing Comments


August soybeans closed at USD10.16, up 3/4 cent; August soybean meal closed at USD300.20, down USD3.10; August soybean oil closed at 38.90, up 64 points. Private exporters announced the sale of 110,000 MT of soybeans to South Korea for 2010/11 delivery. In addition weekly export sales of 111,800 MT for delivery in 2009/10 and 1,115,400 MT for delivery in 2010/11 were above trade estimates for sales of 550-950,000 MT. The Census Bureau monthly soybean crush came in below trade expectations at 129.17 million bushels. Argentina said it will impose new import tariffs on various Chinese goods, that will do little to aid it's soyoil export hopes to China.


September corn closed at USD3.76 1/2, down 3 1/4 cents; Dec corn closed at USD3.90 1/4, down 3 1/4 cents. An early rally in corn faded as the wheat market eased back. Crude oil was stronger as the US dollar lost significant ground, both were supportive to corn. Export sales this morning were a combined total of 1,155,000 MT for both marketing years, a bit above expectations for sales of 850,000 - 1 MMT. China took 58,700 MT of old crop and "unknown" accounted for 304,800 MT of new crop. China has purchased 1.19 MMT of US corn to date.


Sep CBOT Wheat closed at USD5.96 1/2, up 8 1/4 cents; Sep KCBT wheat closed at USD6.11 3/4, up 10 1/4 cents; September MGEX wheat closed at USD6.22 3/4, up 9 1/4 cents. Futures closed higher but finished well off the day’s highs. Sharply higher EU futures got wheat off to a strong start as Black Sea production problems remain to the forefront. Weekly export sales of 382,100 MT were in line with expectations. Funds were estimated to have purchased 6,000 contracts of wheat in Chicago and were also noted buyers in Kansas. Russia increased the size of their crop area ruined by drought to 10 million ha.