CBOT Close


Chicago soybeans closed lower with September soybeans at USD9.99 1/2, down 7 1/2 cents; November soybeans were at USD9.99, down 6 1/2 cents; September soybean meal closed at USD296.40, down USD5.00; September soybean oil closed at 39.48, down 23 points. Spillover weakness from wheat and crude oil and a firmer US dollar set the tone. Yesterdays crop progress report indicated a significant advance in pod setting for Illinois and Indiana from last week.


September Corn closed at USD4.05 1/4, down 12 cents; December corn closed at USD4.20 1/2, down 12 1/4 cents. Yesterdays crop progress report showed an unexpected improvement in crop condition ratings of one point to 70 percent good to excellent. Despite market rhetoric that this months corn yield estimate from the USDA will be the highest of this crop, potentially record production seems to be capping upside potential for the time being.


Sept CBOT wheat closed at USD6.74 3/4, down 17 1/2 cents; Sept KCBT wheat closed at USD7.00 3/4, down 16 1/4 cents; Sept MGEX wheat closed at USD7.05 1/4, down 11 cents. Russia got some much needed rain over the weekend, improving winter wheat sowing prospects for some areas, more is in the forecast this week. The USDA last night said that the spring wheat harvest was 53 percent complete as of Sunday. Yields and protein levels are reported being better than a year ago.