CBOT Close
Soybeans
November soybeans closed USD11.28 1/2, up 2 1/2 cents; October soybean meal closed USD311.40, down USD1.80; October soybean oil closed at 44.58, up 10 points. Weekly USDA export inspections were well above trade estimates at 18.6 million bushels, but weakness in wheat and corn weighed on beans. The market is also wary ahead of the grain stocks report due out Thursday. The USDA crop progress report showed soybeans dropping leaves at 77%, up 17 points and ahead of average. Harvested was at 17%, up 9 points and ahead of last year and average. Good/excellent conditions were unchanged at 63%.
Corn
December corn closed USD5.12 3/4, down 9 cents; March Corn closed USD5.25 1/4, also down 9 cents. Prospects for good harvest weather in the Midwest weighed on prices. Crude oil was also weaker as was ethanol. The market is nervous ahead of Thursday's USDA stocks report, after futures hit their highest levels in more than two years in overnight trade. Weekly USDA export inspections were 34 million bushels, in line with trade estimates. The USDA crop progress report showed corn mature at 85%, up 16 points from last week and well ahead of last year and the average. Harvested was at 27%, up 9 points and 21 points from last year. Good/excellent conditions were down 2 points to 66%.
Wheat
December CBOT wheat closed at USD7.06 1/2, down 13 1/2 cents; December KCBT wheat closed USD7.39 3/4, down 17 3/4 cents; December MGEX wheat closed USD7.46 1/2, down 16 cents. Weekly USDA export inspections were 24.28 million bushels this morning compared to last week’s inspections of 33.15 million bushels. The USDA crop progress report showed winter wheat planted at 33%, up 13 points from last week but behind average. Winter wheat emerged was at 10%, spring wheat harvested was up 2 points to 89%. The USDA are out Thursday with their quarterly stocks report making wheat bulls nervous.
November soybeans closed USD11.28 1/2, up 2 1/2 cents; October soybean meal closed USD311.40, down USD1.80; October soybean oil closed at 44.58, up 10 points. Weekly USDA export inspections were well above trade estimates at 18.6 million bushels, but weakness in wheat and corn weighed on beans. The market is also wary ahead of the grain stocks report due out Thursday. The USDA crop progress report showed soybeans dropping leaves at 77%, up 17 points and ahead of average. Harvested was at 17%, up 9 points and ahead of last year and average. Good/excellent conditions were unchanged at 63%.
Corn
December corn closed USD5.12 3/4, down 9 cents; March Corn closed USD5.25 1/4, also down 9 cents. Prospects for good harvest weather in the Midwest weighed on prices. Crude oil was also weaker as was ethanol. The market is nervous ahead of Thursday's USDA stocks report, after futures hit their highest levels in more than two years in overnight trade. Weekly USDA export inspections were 34 million bushels, in line with trade estimates. The USDA crop progress report showed corn mature at 85%, up 16 points from last week and well ahead of last year and the average. Harvested was at 27%, up 9 points and 21 points from last year. Good/excellent conditions were down 2 points to 66%.
Wheat
December CBOT wheat closed at USD7.06 1/2, down 13 1/2 cents; December KCBT wheat closed USD7.39 3/4, down 17 3/4 cents; December MGEX wheat closed USD7.46 1/2, down 16 cents. Weekly USDA export inspections were 24.28 million bushels this morning compared to last week’s inspections of 33.15 million bushels. The USDA crop progress report showed winter wheat planted at 33%, up 13 points from last week but behind average. Winter wheat emerged was at 10%, spring wheat harvested was up 2 points to 89%. The USDA are out Thursday with their quarterly stocks report making wheat bulls nervous.
