CBOT Closing Comments

29/10/10 -- Soybeans

Jan CBOT soybean futures settled unchanged at USD12.36; Dec soyoil settled 40 points lower at 49.30; December soymeal ended USD1.40 higher at USD337.70. Despite a weaker overnight market and lower opening the soy complex turned round to close near unchanged levels. The continued strong export pace underpins the complex. Soybean export commitments are at 66% of the USDA estimated exports for the year v 44% on average.


CBOT Dec corn ended 3c higher at USD5.82 a bushel. CBOT March corn also closed 3c higher at USD5.95 a bushel. Corn opened lower on news that China had rejected a cargo of US corn on the grounds of it containing "unsanctioned GMO" strains. Spillover strength from wheat and a weak dollar supported corn later in the session. Fund buying also helped. Russia have agreed to import 2 MMT of corn from Ukraine.


CBOT Dec wheat closed down 1c at USD7.17 1/4 a bushel; KCBT Dec wheat settled down 1/4c at USD7.71, and MGEX Dec wheat was up 1/2c to USD7.76 3/4. Wheat consolidated a little after a week of strong gains with Dec CBOT wheat up 46 1/2 cents on the week. US Wheat export commitments are at 57% of the USDA's estimated exports for the year vs 66% on average for this date. US weather is a concern for developing wheat ahead of winter dormancy.