CBOT Closing Comments


September soybeans closed at USD10.22, up 9 cents; September soybean meal closed at USD307.80, up USD1.50; September soybean oil closed at USD40.20, up 71 points. Beans closed up 13 cents on the week. Private exporters announced the sale of 120,000 MT of soybeans to Russia for new crop delivery. Strong export demand continues to underpin the market. Yield concerns associated with heat and dryness continue to come out of the south and east.


September corn closed at USD4.21, up 4 1/2 cents; December corn closed at USD4.36, up 4 cents. The USDA announced the sale of 180,000 MT to unknown destinations for 2010-11. Early yield reports out of Illinois, Indiana and Ohio are a little disappointing, fuelling talk that the USDA's yields estimate of 165 bu/acre is likely to shrink from here. The the Bueno Aires Grain Exchange are talking of a possible 9% increase in Argentine corn production this year.


Sept CBOT wheat closed at USD6.62 1/2, up 6 cents; Sept KCBT wheat closed at USD7.00 1/4, up 9 1/4 cents; Sept MGEX wheat closed at USD7.07, up 6 3/4 cents. Russia continue to deny that they will need to import grains 6this season, but the market doesn't believe them and seems to be pricing in Russia becoming a buyer in 2010/11. Rain is predicted for the western portion of the country over the next 10 days, which might help lagging winter plantings catch up a little.