CBOT Closing Comments
Corn
A firmer US dollar and declining crude oil futures pressure corn futures lower, a setback to yesterday’s rally. USDA reported corn harvest was 29% complete, up from 21% a week earlier, but trailing soybean harvest. Rain moving across the Midwest over the next 5 to 7 days will add to the already delayed corn harvest. Dec -7 1/2c.
Soybeans
Soybean futures traded lower following early declines in crude oil futures, declining US stock market and a stronger dollar in reaction to recession fears. Slowed export demand along with rising global wheat supply adds pressure to the market. USDA reported soybean harvest was 67% complete, up from 51% a week earlier, which is two-thirds complete. Rain moving across the Midwest over the next 5 to 7 days will further delay soybean harvest. Meal and Oil follow decline with soybean. Nov beans -21c; Dec meal -70c; Dec oil -1.81.
Wheat
Wheat futures follow corn and soybeans lower in reaction to pressure from declining in crude oil and US dollar strengthening. USDA reported winter wheat crop was 79% planted, up from 73% a week earlier. It also reported that 60% emerged. Rain with the possibility of snow and cooler temperatures may delay final winter wheat seeding in US Plains. Dec -14 1/2c.
A firmer US dollar and declining crude oil futures pressure corn futures lower, a setback to yesterday’s rally. USDA reported corn harvest was 29% complete, up from 21% a week earlier, but trailing soybean harvest. Rain moving across the Midwest over the next 5 to 7 days will add to the already delayed corn harvest. Dec -7 1/2c.
Soybeans
Soybean futures traded lower following early declines in crude oil futures, declining US stock market and a stronger dollar in reaction to recession fears. Slowed export demand along with rising global wheat supply adds pressure to the market. USDA reported soybean harvest was 67% complete, up from 51% a week earlier, which is two-thirds complete. Rain moving across the Midwest over the next 5 to 7 days will further delay soybean harvest. Meal and Oil follow decline with soybean. Nov beans -21c; Dec meal -70c; Dec oil -1.81.
Wheat
Wheat futures follow corn and soybeans lower in reaction to pressure from declining in crude oil and US dollar strengthening. USDA reported winter wheat crop was 79% planted, up from 73% a week earlier. It also reported that 60% emerged. Rain with the possibility of snow and cooler temperatures may delay final winter wheat seeding in US Plains. Dec -14 1/2c.