CBOT Close


September soybeans closed at USD10.16 3/4, down 18 1/2 cents; September soybean meal closed at USD302.50, down USD4.90; September soybean oil closed at 39.89, down 97 points. Soybean oil has been under severe pressure of late as crude oil prices have declined sharply, already this week soybean oil prices are down by a whopping 325 points. Soybean export sales were substantial at 2,231,063 MT with China being the main buyer, but even that was insufficient to support the market today.


September corn closed at USD4.14 1/4, down 4 1/4 cents; December corn closed at USD4.29 1/4, down 4 cents. We knew that corn sales were going to be huge this week, but even so. Combined marketing year corn sales of 2,888,577 MT were over a 1 MT above the high end of trade estimates. The Pro Farmer Midwest Crop Tour was in Illinois yesterday pegging corn yields in the state at 166.53 bushels per acre. That's fractionally down on last season.


Sept CBOT wheat closed at USD6.81 1/4, up 25 1/4 cents; Sept KCBT wheat closed at USD7.05 1/4, up 20 1/4 cents: Sept MGEX wheat closed at USD7.06 1/2, up 22 1/2 cents. Ideas that Russia will have to import foreign grains was the catalyst behind today's rally. Export sales were above trade estimates at 1,412,501 MT with Egypt, one of Russia’s best customers, being one of the main buyers.