CBOT Closing Comments

CORN

Corn futures open initially higher on early short cover but turned lower by midday and ultimately closing around 4-6c easier. Trading limits had expanded to 45 cents today after yesterdays limit losses in several contracts. Crude oil was around $2 higher but the dollar was softer and both were supportive to grains. Weather is mixed, some areas are dry allowing harvest to take place but scattered rains have slowed or even delayed harvest in other Midwest regions. Dec -4 3/4c at 4.19 1/4.

SOYBEANS

Soybeans were higher at the close with short covering and crude oil lending support. Profit taking also boosted prices after limit losses in several contracts yesterday; the dollar was also weaker giving incentives to buy commodities. Soybean futures expanded trading limits to $1.05 per bushel, bean oil contracts expanded to $3.50 per pound, and soybean meal futures expanded to $30 per ton. Deliveries against the October Bean Oil contract were heavy at 3,010 and meal had 57 contracts posted against its October contract. Nov Beans +11 at 9.33; Oct Meal +4.30 at 249.40; Oct BO +19 at 39.49.

WHEAT

Wheat futures were modestly higher despite some bearish fundamentals. Strength in CBOT corn and soybean futures helped support wheat as well as weakness in the US dollar Index. Egypt reportedly bought 55,000 tonnes of US soft red winter wheat. Drought conditions continue to plague regions in Australia but regions of EU are harvesting bumper crops. Winter wheat is 59% planted vs. 5 yr of 60% and 28% is emerged vs. 5 yr of 30%. Dec CHI +12 at 6.07 1/4.