CBOT Closing Comments

Corn

Corn futures closed higher Monday, receiving support from several outside markets. USDA corn inspections for corn were slightly lower than the previous week at 28.74 MB but slightly above trade estimates. Bearish corn exports recently may get some relief, after the dollar's collapse from new highs only a few days ago. Better weather last week helped harvest inch closer to complete, USDA released weekly crop progress report this afternoon indicating that 89% corn has been harvested vs. 5 year of 97%. Dec +16 at 3.54.

Soybeans

Soybeans and the soy complex pegged impressive gains in most contracts in the first day of this short trading week. USDA reported 36.276 million bushels were inspected for export (which was inside of trade estimates) vs. the prior week of 40.728 MB. Improved harvest weather over the past week appears to have wrapped up the bean harvest as USDA did not report bean harvest this week. Weakness in the US Dollar and strong grains in crude oil, added much of the support for commodities. Jan +44 at 8.84; Dec Meal +7.80 at 257.70; Dec BO +2.04 at 32.74.

Wheat

Wheat futures closed sharply higher but most contracts backed off of highs which were near 50 cents higher at one point in trade today. USDA reported higher wheat inspections for export than the previous week; wheat inspections totaled 22.304 MB vs. 15.310 MB and were well above trade estimates of 13 to 17 MB. Steep declines in the US Dollar index are supportive to wheat exports which have been struggling of late. USDA suggests that the winter wheat crop is 65% good/excellent, down 1% vs. one week ago, but 44 percentage points higher than a year ago. Dec CHI +38 at 5.37; KC +35 at 5.68; MLPS +39 at 6.15.