CBOT Close


November soybeans closed USD11.10, down 18 1/2 cents; October soybean meal closed at USD303.50 down USD7.90; October soybean oil closed at 44.56, down 2 points. The market is nervous ahead of Thursday's USDA quarterly stocks report. Analysts average estimate is 151 million bushels for soybeans. With a range of 139 to 165 million bushels. The Brazilian drought appears to have been broken with rains in southern areas spreading into the centre-west as the week wears on.


December corn closed at USD5.00, down 12 3/4 cents; March corn closed USD5.12 1/2, down 12 3/4 cents. Almost all of the western corn belt in the US will see dry conditions for the next 10-14 days, which will help the harvest move on at a pace. The east coast will be inundated with water that will stretch into Ohio postponing harvest there. On Thursday the USDA will release the quarterly grain stocks report. Analysts are expecting an increase in stocks with an average guess of 1.407 billion bushels that would compare to 1.673 billion last year.


December CBOT wheat closed USD6.84 3/4, down 21 3/4 cents; December KCBT wheat closed USD7.16, down 23 3/4 cents; December MGEX wheat closed USD7.24 3/4, down 21 3/4 cents. Rain is moving into eastern Ukraine which has also been too dry, and some of the parched areas of Russia although more is needed here in particular. Egypt purchased 230,000 MT of US and French wheat. The USDA will release the quarterly grain and small grains stocks report on Thursday. Wheat estimates average 2.44 billion bushels.