CBOT Closing Comments
Soybeans
August Soybeans closed at USD10.10 1/2, up 12 1/2 cents; November Soybeans closed at USD9.78, up 12 1/2 cents; August soybean meal closed at USD301.70, up USD7.20; August soybean oil closed at 38.84, up 28 points. Private exporters announced the sale of 120,000 MT of soybeans to China for 2010/11 delivery this morning. Weekly export sales estimates range from 900,000 to 1,050,000 for tomorrow’s report.
Corn
September corn closed at USD3.76 1/4, up 13 1/2 cents; Dec corn closed at USD3.90 3/4, down 13 3/4 cents. Talk of potential crop losses in Russia and Kazakhstan dominate the market, outweighing relatively benign crop conditions in the US, with wheat dragging the entire complex higher. On the day funds were estimated to have bought in excess of 10,000 contracts. Estimates for tomorrow’s weekly export sales report range from 800 TMT to 1 MMT.
Wheat
September CBOT wheat closed at USD6.15 1/2, up 20 1/2 cents; September KCBT wheat closed at USD6.30 3/4, up 15 3/4 cents; September MGEX wheat closed at USD6.43, up 17 1/2 cents. Widespread wheat losses in Russia, and talk of a possible embargo on exports should allow the US to pick up some extra business in 2010/11. Egypt seem concerned enough about the situation to relax their strict import rules to allow vessels to load at more than one port. Weekly export sales estimates for tomorrow range from 300,000 to 400,000 MT.
August Soybeans closed at USD10.10 1/2, up 12 1/2 cents; November Soybeans closed at USD9.78, up 12 1/2 cents; August soybean meal closed at USD301.70, up USD7.20; August soybean oil closed at 38.84, up 28 points. Private exporters announced the sale of 120,000 MT of soybeans to China for 2010/11 delivery this morning. Weekly export sales estimates range from 900,000 to 1,050,000 for tomorrow’s report.
Corn
September corn closed at USD3.76 1/4, up 13 1/2 cents; Dec corn closed at USD3.90 3/4, down 13 3/4 cents. Talk of potential crop losses in Russia and Kazakhstan dominate the market, outweighing relatively benign crop conditions in the US, with wheat dragging the entire complex higher. On the day funds were estimated to have bought in excess of 10,000 contracts. Estimates for tomorrow’s weekly export sales report range from 800 TMT to 1 MMT.
Wheat
September CBOT wheat closed at USD6.15 1/2, up 20 1/2 cents; September KCBT wheat closed at USD6.30 3/4, up 15 3/4 cents; September MGEX wheat closed at USD6.43, up 17 1/2 cents. Widespread wheat losses in Russia, and talk of a possible embargo on exports should allow the US to pick up some extra business in 2010/11. Egypt seem concerned enough about the situation to relax their strict import rules to allow vessels to load at more than one port. Weekly export sales estimates for tomorrow range from 300,000 to 400,000 MT.
