CBOT Closing Comments


September soybeans closed at USD10.29 3/4, up 22 1/4 cents; September soybean meal closed at USD308.20, up USD6.00; September soybean oil closed at 40.32, up 66 points. Allendale pegged US 2010 soybean yields at 43.21 bu/acre, placing output at 3.370 billion bushels. Informa Economics said 44.1 bu/acre, which was actually up from their previous estimate of 43.5 bu/acre, implying a 3.389 billion bu crop. Both these production numbers are below the USDA's 3.433 billion estimate from last month.


September corn closed at USD4.49 3/4, up 16 3/4 cents; December corn closed at USD4.64 1/2, up 17 cents. Spillover strength from wheat helped corn close higher after ending the overnight session slightly negative. Informa apparently came out with a strange statement pegging the 2010 corn yield at 164.8 bu/acre, but including a caveat saying that it could in fact end up at 158.5 bu/acre. That's well below the USDA's 165 bu/acre estimate from last month. Allendale had forecast 162.3 bu/acre earlier in the day.


Sept CBOT wheat closed at USD7.08 1/4, up 27 1/4 cents; Sept KCBT wheat closed at USD7.43 1/2, up 25 1/2 cents; Sept MGEX wheat closed at USD7.42, up 21 cents. CBOT wheat broke through USD7.00/bushel and held it to close at a three week high. Private exporters announced the sale of 275,000 MT of HRW wheat to "unknown" and 110,000 MT of HRW to Egypt. Informa reduced their Russian wheat production estimate to 42.5 MMT, 2.5 MMT below the USDA.