CBOT Close
11/10/10 -- Soybeans
CBOT Nov soybeans ended 17 1/2 cents higher at USD11.52 1/2; Dec soymeal ended USD10.90 higher at USD327.10; Dec soyoil settled 27 poimts lower at 46.35. Price limits were extended for corn, wheat, soybeans, soymeal and oats due to limit up closes Friday on all of them. Although the USDA revised bean yields and output slightly lower on Friday, both are still at record levels. That beggars the question are prices at over USD11/bushel justified?
Corn
Dec corn ended dup 27 1/4 cents at USD5.55 3/4 per bushel.; March corn closed at USD5.65 a bushel, also up 27 1/4 cents. Prices traded up the new 45c limit in early overnight trade, but subsequently failed to hold at those levels. Now that the emotion has died down a bit the trade may start to focus on whether demand will be tempered at these levels. Recent evidence would seem to suggest that it will. The usual USDA reports normally out today - export inspections & crop progress - will be delayed until tomorrow due to the Columbus Day holiday.
Wheat
Dec CBOT wheat ended 10 cents lower at USD7.09 1/4; December KCBT wheat ended at USD7.46 3/4, down 11 3/4 cents; December MGEX wheat finished at USD7.50, down 14 1/2 cents. Wheat has the least bullish news, and is therefore struggling to post gains of the same magnitude as corn or soybeans. Despite some rhetoric, global stocks are more than adequate, and US stocks are bordering on bumper. The trade will be looking to this week's export sales report to confirm that the weak US dollar can continue to help offload some of these inventories at current levels.
CBOT Nov soybeans ended 17 1/2 cents higher at USD11.52 1/2; Dec soymeal ended USD10.90 higher at USD327.10; Dec soyoil settled 27 poimts lower at 46.35. Price limits were extended for corn, wheat, soybeans, soymeal and oats due to limit up closes Friday on all of them. Although the USDA revised bean yields and output slightly lower on Friday, both are still at record levels. That beggars the question are prices at over USD11/bushel justified?
Corn
Dec corn ended dup 27 1/4 cents at USD5.55 3/4 per bushel.; March corn closed at USD5.65 a bushel, also up 27 1/4 cents. Prices traded up the new 45c limit in early overnight trade, but subsequently failed to hold at those levels. Now that the emotion has died down a bit the trade may start to focus on whether demand will be tempered at these levels. Recent evidence would seem to suggest that it will. The usual USDA reports normally out today - export inspections & crop progress - will be delayed until tomorrow due to the Columbus Day holiday.
Wheat
Dec CBOT wheat ended 10 cents lower at USD7.09 1/4; December KCBT wheat ended at USD7.46 3/4, down 11 3/4 cents; December MGEX wheat finished at USD7.50, down 14 1/2 cents. Wheat has the least bullish news, and is therefore struggling to post gains of the same magnitude as corn or soybeans. Despite some rhetoric, global stocks are more than adequate, and US stocks are bordering on bumper. The trade will be looking to this week's export sales report to confirm that the weak US dollar can continue to help offload some of these inventories at current levels.
