CBOT Closing Comments


September soybeans closed at USD10.34, down 9 1/2 cents; September soybean meal closed at USD302.20, down USD0.50; September soybean oil closed at 41.45, down 107 points. Beans succumbed to weakness in wheat despite the USDA announcing another sale of 220,000 MT of US soybeans to China. USDA crop progress report for this afternoon had soybean good/excellent condition at 66%, unchanged from last week and last year.


September corn closed at USD4.07 1/4, down 4 1/2 cents; December corn closed at USD4.22 3/4, down 4 1/2 cents. The USDA crop progress report for this afternoon had corn good/excellent condition at 69%, down 2 points from last week but a point ahead last year. Weakness from wheat did little to help corn's cause, despite news that China is scaling back it's weekly sales of it's corn stockpiles.


CBOT December wheat settled down 38 cents at USD6.96 1/4 a bushel; KCBT December wheat fell 35 cents to USD7.03; MGE December wheat lost 31 1/2 cents to close at USD6.96 1/2. Weather conditions are changing for the better in drought-stressed wheat growing areas of Central Russia with rainfall and cooler weather in the forecast, according to Martell Crop Projections. That was enough to send the market reeling lower as prospects for 2011 would be improved considerably by such conditions. US ending stocks are still burdensome despite rhetoric to the contrary.