CBOT Close
Soybeans
November Soybeans closed at USD10.57, down 49 3/4 cents; October soybean meal closed at USD285.70, down USD16.40; October soybean oil closed at 43.49, down 121 points. It was a bit of a car crash tonight, and on the week overall with beans finishing 69 cents lower for the week. The US weather outlook is conducive to further rapid harvest progress. The market is still hungover from yesterday's bearish USDA corn stocks numbers. China will be on holiday until next Friday, so there will most likely be limited export business from the main buyer of US soybeans for a few days.
Corn
December corn closed at USD4.65 3/4, down 30 cents; March corn closed USD4.78 1/4, down 30 cents. The first four contract months closed down the thirty cent limit tonight. Dec corn was 56 cents lower on the week. Yesterday's USDA stocks report showed old crop corn stocks at 1.71 billion bushels, surprising the trade which was expecting a much lower number. More than one news wire is pointing out that these extra stocks are sufficient to counteract 2010 yields coming in 4 bu/acre lower than the USDA's September estimate, as many in the trade are forecasting.
Wheat
December CBOT wheat closed at USD6.55, down 19 cents; December KCBT wheat closed ay USD6.79 1/4, down 18 1/2 cents; December MGEX wheat closed at USD7.06, down 15 cents. Spillover weakness from corn depressed wheat, which found itself in the strange position of being the strongest leg of what has to be said was a very weak three tonight. It finished 65 cents lower for the week on the CBOT. This afternoon’s CFTC report showed Managed Money have decreased their net long position by 18,912 contracts from Tuesday to Tuesday.
November Soybeans closed at USD10.57, down 49 3/4 cents; October soybean meal closed at USD285.70, down USD16.40; October soybean oil closed at 43.49, down 121 points. It was a bit of a car crash tonight, and on the week overall with beans finishing 69 cents lower for the week. The US weather outlook is conducive to further rapid harvest progress. The market is still hungover from yesterday's bearish USDA corn stocks numbers. China will be on holiday until next Friday, so there will most likely be limited export business from the main buyer of US soybeans for a few days.
Corn
December corn closed at USD4.65 3/4, down 30 cents; March corn closed USD4.78 1/4, down 30 cents. The first four contract months closed down the thirty cent limit tonight. Dec corn was 56 cents lower on the week. Yesterday's USDA stocks report showed old crop corn stocks at 1.71 billion bushels, surprising the trade which was expecting a much lower number. More than one news wire is pointing out that these extra stocks are sufficient to counteract 2010 yields coming in 4 bu/acre lower than the USDA's September estimate, as many in the trade are forecasting.
Wheat
December CBOT wheat closed at USD6.55, down 19 cents; December KCBT wheat closed ay USD6.79 1/4, down 18 1/2 cents; December MGEX wheat closed at USD7.06, down 15 cents. Spillover weakness from corn depressed wheat, which found itself in the strange position of being the strongest leg of what has to be said was a very weak three tonight. It finished 65 cents lower for the week on the CBOT. This afternoon’s CFTC report showed Managed Money have decreased their net long position by 18,912 contracts from Tuesday to Tuesday.
