Chicago Close
Soybeans
September soybeans closed at USD10.25, down 1/4 cent; September soybean meal closed at USD290.00, down USD6.80; September soybean oil closed at 41.20, down 14 points. The NOPA crush report out this morning showed the crush at 122.4 million compared to trade estimates ranging from 116 to 124 million bushels. Last night's USDA report showed 38% of soybeans dropping leaves, up 19 points from last week, 22 points from last year and also ahead of average. Good/excellent also fell one point to 64%.
Corn
September corn closed at USD4.78, up 8 3/4 cents; December corn closed at USD4.95, up 11 1/2 cents. September corn contracts expired today with the December contract now the spot month. The USDA crop progress report last night showed corn at 11% harvested, up 5 points from last week and well ahead of last year and the five year average. Corn rated mature was at 52%, 40 points ahead of last year and 20 points ahead of average.
Wheat
Sept CBOT wheat closed at USD7.04 1/2, down 9 1/4 cents; Sept KCBT wheat closed at USD7.59 3/4, up 2 1/4 cents; Sept MGEX wheat closed at USD7.53 1/4, down 1 3/4 cents. The Australians said that the 2010/11 wheat crop will hit 25.1 MMT this season. That's more than 3 MMT higher than they last predicted back in June and within a gnat's chuff of the all-time record of 25.2 MMT. It's also 2 MMT higher than the USDA said on Friday.
September soybeans closed at USD10.25, down 1/4 cent; September soybean meal closed at USD290.00, down USD6.80; September soybean oil closed at 41.20, down 14 points. The NOPA crush report out this morning showed the crush at 122.4 million compared to trade estimates ranging from 116 to 124 million bushels. Last night's USDA report showed 38% of soybeans dropping leaves, up 19 points from last week, 22 points from last year and also ahead of average. Good/excellent also fell one point to 64%.
Corn
September corn closed at USD4.78, up 8 3/4 cents; December corn closed at USD4.95, up 11 1/2 cents. September corn contracts expired today with the December contract now the spot month. The USDA crop progress report last night showed corn at 11% harvested, up 5 points from last week and well ahead of last year and the five year average. Corn rated mature was at 52%, 40 points ahead of last year and 20 points ahead of average.
Wheat
Sept CBOT wheat closed at USD7.04 1/2, down 9 1/4 cents; Sept KCBT wheat closed at USD7.59 3/4, up 2 1/4 cents; Sept MGEX wheat closed at USD7.53 1/4, down 1 3/4 cents. The Australians said that the 2010/11 wheat crop will hit 25.1 MMT this season. That's more than 3 MMT higher than they last predicted back in June and within a gnat's chuff of the all-time record of 25.2 MMT. It's also 2 MMT higher than the USDA said on Friday.
