CBOT Closing Comments
Soybeans
CBOT September soybeans ended 14 cents higher at USD10.43 3/4; December soymeal ended USD3.40 higher at USD306.70; December soyoil settled up 93 points higher at 41.79. Soybean inspections for export were 13.92 million bushels compared to 8-12 million bushels estimated by the trade. Soybean oil was supported by the announcement of the sale of 40,000 MT to China, 29,500 MT to unknown and 21,000 MT to Peru for 2010/11 delivery. That helped beans rally to 9-month highs, with soymeal reaching 21-month highs.
Corn
September corn ended 1 3/4 cents higher at USD4.51 1/2; December corn finished 1 3/4 cents higher at USD4.66 1/4. Weekly export inspections were 38.052 million bushels compared to estimates of 37-41 million bushels. Traders remain cautious ahead of Friday's USDA crop reports. That is expected to show yields declining from 165 bu/acre last month to around 162-163 bu/acre now, although many in the trade anticipate that yields will finally end up around 160 bu/acre or even lower.
Wheat
CBOT Dec wheat declined 6 cents to USD7.35 1/4; KCBT Dec wheat fell 4 3/4 cents to USD7.53; MGEX Dec wheat slipped 4 1/2 cents to USD7.53 3/4. Wheat export inspections were 22.07 million bushels compared to trade guesses of 18-23 million bushels. Profit-taking ahead of Friday's USDA report was a feature, with funds estimated to have sold 3,000 contracts in Chicago. Recent rains in many parts of Australia and India appear to have given wheat production prospects there a boost.
CBOT September soybeans ended 14 cents higher at USD10.43 3/4; December soymeal ended USD3.40 higher at USD306.70; December soyoil settled up 93 points higher at 41.79. Soybean inspections for export were 13.92 million bushels compared to 8-12 million bushels estimated by the trade. Soybean oil was supported by the announcement of the sale of 40,000 MT to China, 29,500 MT to unknown and 21,000 MT to Peru for 2010/11 delivery. That helped beans rally to 9-month highs, with soymeal reaching 21-month highs.
Corn
September corn ended 1 3/4 cents higher at USD4.51 1/2; December corn finished 1 3/4 cents higher at USD4.66 1/4. Weekly export inspections were 38.052 million bushels compared to estimates of 37-41 million bushels. Traders remain cautious ahead of Friday's USDA crop reports. That is expected to show yields declining from 165 bu/acre last month to around 162-163 bu/acre now, although many in the trade anticipate that yields will finally end up around 160 bu/acre or even lower.
Wheat
CBOT Dec wheat declined 6 cents to USD7.35 1/4; KCBT Dec wheat fell 4 3/4 cents to USD7.53; MGEX Dec wheat slipped 4 1/2 cents to USD7.53 3/4. Wheat export inspections were 22.07 million bushels compared to trade guesses of 18-23 million bushels. Profit-taking ahead of Friday's USDA report was a feature, with funds estimated to have sold 3,000 contracts in Chicago. Recent rains in many parts of Australia and India appear to have given wheat production prospects there a boost.
