CBOT Closing Comments


August soybeans closed at USD10.17, up 1 cent; August soybean meal closed at USD299.90, down USD0.30; August soybean oil closed at 39.07, up 17 points. Private exporters announced the sale of 175,500 MT of soybeans to China for 2010/11 delivery and also a further sale of 175,000 MT to "unknown" for 2010/11. This strong export interest looks likely to underpin the market for the remainder of 2010.


September corn closed at USD3.71 1/4, down 5 1/4 cents; Dec corn closed at USD3.84 1/2, down 5 3/4 cents. Corn was down around 24 cents for the week. Mostly favourable weather is expected to benefit the corn crop in the Midwest over the next two weeks. Iowa, the top corn state, has received nearly the same heavy rain as 1993 in June and July. Despite that corn potential this year is way better than 1993, say Martell Crop Projections.


Sep CBOT wheat closed at USD5.96 1/4, down 1/4 cent; Sep KCBT wheat closed at USD6.15, up 3 1/4 cents; Sep MGEX wheat closed at USD6.28 1/2, up 5 3/4 cents. Wheat was up between 9 to 17 cents for the week overall. The trade is still focusing on the hot and dry weather in Russia. Argy plantings are running well behind schedule at 79% complete versus 99% a year ago.