CBOT Closing Comments
Soybeans
September soybeans closed at USD10.35 1/4, down 10 cents; September soybean meal ended at USD307.40, up USD0.90; September soybean oil closed at 40.86, down 73 points. Crude oil was weaker, dipping below USD75/barrel which pressured beans. The current Pro Farmer Crop Tour suggests that the soybean harvest could be two weeks ahead of last year, although Sudden Death Syndrome (SDS) is proving to be a problem in some areas. Estimates for tomorrow’s weekly export sales report range for 1.9 to 2.2 MMT.
Corn
September corn closed at USD4.18 1/2, up 3 3/4 cents; December corn closed at USD4.33 1/4, up 3 1/4 cents. The Pro Farmer Crop Tour continues to find potential yields above last season and higher that the USDA's 165 bu/acre. The crop is also seen to be well advanced compared with last year. China have announced that they will auction off more of their domestic corn reserves on Friday to cool rising prices. That's the first time they've held two auctions in a week for several years. Export sales for tomorrow are estimated at 1.3 to 1.7 MMT
Wheat
Sept CBOT Wheat closed at USD6.56, up 5 cents; Sept KCBT wheat closed at USD6.85, up 8 cents; Sept MGEX wheat closed at USD6.84, up 6 cents. Wheat traded higher on news that Russian rains might not be as widespread and heavy as some had anticipated. "Cool air is making a slow descent into the Volga wheat areas. Scattered showers would accompany the cool front. The Saratov forecast is dry for another 3 days with hot temperatures. There is a 20% chance for rain Sunday with highs near 70 F. The rain outlook improves next week with daily risk of showers Wednesday through Friday (a 60% chance)," say Martell Crop Projections. Export sales estimates range from 950 TMT to 1.25 MMT.
September soybeans closed at USD10.35 1/4, down 10 cents; September soybean meal ended at USD307.40, up USD0.90; September soybean oil closed at 40.86, down 73 points. Crude oil was weaker, dipping below USD75/barrel which pressured beans. The current Pro Farmer Crop Tour suggests that the soybean harvest could be two weeks ahead of last year, although Sudden Death Syndrome (SDS) is proving to be a problem in some areas. Estimates for tomorrow’s weekly export sales report range for 1.9 to 2.2 MMT.
Corn
September corn closed at USD4.18 1/2, up 3 3/4 cents; December corn closed at USD4.33 1/4, up 3 1/4 cents. The Pro Farmer Crop Tour continues to find potential yields above last season and higher that the USDA's 165 bu/acre. The crop is also seen to be well advanced compared with last year. China have announced that they will auction off more of their domestic corn reserves on Friday to cool rising prices. That's the first time they've held two auctions in a week for several years. Export sales for tomorrow are estimated at 1.3 to 1.7 MMT
Wheat
Sept CBOT Wheat closed at USD6.56, up 5 cents; Sept KCBT wheat closed at USD6.85, up 8 cents; Sept MGEX wheat closed at USD6.84, up 6 cents. Wheat traded higher on news that Russian rains might not be as widespread and heavy as some had anticipated. "Cool air is making a slow descent into the Volga wheat areas. Scattered showers would accompany the cool front. The Saratov forecast is dry for another 3 days with hot temperatures. There is a 20% chance for rain Sunday with highs near 70 F. The rain outlook improves next week with daily risk of showers Wednesday through Friday (a 60% chance)," say Martell Crop Projections. Export sales estimates range from 950 TMT to 1.25 MMT.
