CBOT Closing Comments


September soybeans closed at USD10.25 3/4, up 1 3/4 cents; September soybean meal closed at USD296.80, down USD0.40; September soybean oil closed at 41.34, up 9 points. Soybean inspections for export were only 6.971 million bushels compared to 14.483 million bushels the previous week. Oil remains the strongest leg, after recent export sales. Egypt tendered today for up to 20,000 MT soyoil and sunflower oil.


September corn closed at USD4.69 1/4, up 5 1/2 cents; December corn closed at USD4.83 1/2, up 5 1/4 cents. Corn added to Friday's gains, continuing to bask in the afterglow of the tightest stocks/use ratio since 1995/96. Weekly USDA grain export inspections were 36.314 million bushels this morning compared to last week’s inspections of 39.580 million bushels. Bullish growth data out of China saw crude oil futures stay strong.


Sept CBOT wheat closed at USD7.13 3/4, up 9 cents; Sept KCBT wheat closed at USD7.57 1/2, up 10 1/4 cents; Sept MGEX wheat closed at USD7.55, up 12 1/4 cents. Wheat inspections for export were strong at 30.009 million bushels today, compared to last weeks 23.328 million bushels. The USDA crop progress report showed spring wheat harvested was at 83%, up 7 points from a week ago. The Canadian harvest is making slow progress, dogged by wet and cold conditions.