CBOT Closing Comments
CORN
Corn futures closed down a tick in the September contract Thursday afternoon. Trade was choppy early on but short covering push prices higher. The dollar continues its upward trend and posted higher gains for the day weighing in on prices. Weather remains bearish with no near term frost threats. Crude oil was lower also weighing in on prices. Trading was pretty quiet for much of the day as traders look forward to tomorrow's USDA report. Estimates are around 153.5 bushels/acre with a 12.15 billion bushel production but some skepticism exists as September estimates usually vary from the final yield in January. Sep corn contract expires tomorrow. Sep -1/4 at 5.22
SOYBEANS
Soybeans futures were mixed at the close with most contracts trading lower but September posted impressive gains as little if any new crop is being harvested and pipeline supplies remain tight. Beans have a much tighter ending stocks than corn or wheat and a nominal change could call for aggressive price swings after the crop report is released. Nearby September bean futures, meal, and bean oil expire tomorrow. Sep Beans +34c at 12.16; Meal +13.2 at 350.00; BO -69 at 47.00
WHEAT
Wheat futures closed higher in Chicago, Kansas City, and in Minneapolis. Wheat opened lower when the morning bell rang but soon climbed higher. Pressure from large global production and technical sell signals limited gains. Australian private firm estimated their wheat crop at 22.7MT down 1.8 MT from previous estimates, even though beneficial rains have been falling there over the last 10 days. Japan bought 107,000 tonnes of US wheat. Tunisia is sought to issue a tender for durum wheat tomorrow. The September contract expires at all three exchanges tomorrow. Sep +1/2 at 7.07; KC +1/4 at 7.46; MPLS +15 at 7.95
Corn futures closed down a tick in the September contract Thursday afternoon. Trade was choppy early on but short covering push prices higher. The dollar continues its upward trend and posted higher gains for the day weighing in on prices. Weather remains bearish with no near term frost threats. Crude oil was lower also weighing in on prices. Trading was pretty quiet for much of the day as traders look forward to tomorrow's USDA report. Estimates are around 153.5 bushels/acre with a 12.15 billion bushel production but some skepticism exists as September estimates usually vary from the final yield in January. Sep corn contract expires tomorrow. Sep -1/4 at 5.22
SOYBEANS
Soybeans futures were mixed at the close with most contracts trading lower but September posted impressive gains as little if any new crop is being harvested and pipeline supplies remain tight. Beans have a much tighter ending stocks than corn or wheat and a nominal change could call for aggressive price swings after the crop report is released. Nearby September bean futures, meal, and bean oil expire tomorrow. Sep Beans +34c at 12.16; Meal +13.2 at 350.00; BO -69 at 47.00
WHEAT
Wheat futures closed higher in Chicago, Kansas City, and in Minneapolis. Wheat opened lower when the morning bell rang but soon climbed higher. Pressure from large global production and technical sell signals limited gains. Australian private firm estimated their wheat crop at 22.7MT down 1.8 MT from previous estimates, even though beneficial rains have been falling there over the last 10 days. Japan bought 107,000 tonnes of US wheat. Tunisia is sought to issue a tender for durum wheat tomorrow. The September contract expires at all three exchanges tomorrow. Sep +1/2 at 7.07; KC +1/4 at 7.46; MPLS +15 at 7.95