CBOT Closing Comments


August soybeans closed at USD9.98 1/4, down 18 3/4 cents; August soybean meal closed at USD293 1/4, down USD6.70; August soybean oil closed at 38.80, down 27 points. The USDA reported a private sale of 226,000 MT of 2010/11 soybeans to China. Soybeans rated good/excellent condition stayed the same as last week at 67%, according to the USDA. Soybean blooming was at 75%, compared to 60% last year and 72% average.


September corn closed at USD3.64, down 7 1/4 cents; Dec corn closed at USD3.78, down 6 1/2 cents. The USDA pegged corn good/excellent condition moving up a point to 72%, 2 points ahead of last year. Eastern states slowed their rate of decline due to finally receiving some much needed precipitation. Export inspections came in at 42.421 mb, better than last week.


Sept CBOT wheat closed at USD5.87 1/2, down 8 3/4 cents; Sept KCBT wheat closed at USD6.10 3/4, down 4 1/4 cents; Sept MGEX wheat closed at USD6.19 1/4, down 9 1/4 cents. US Export inspections came in at 15.409 m bu. Winter wheat harvested was at 79%, up 8 points from last week but still behind average by 3 points. The USDA rated the spring wheat crop at 83% good/excellent up 1% from the week before, and 9% above its rating of 74% at this point last year.