CBOT Closing Comments
Soybeans
Nov soybeans finished at $9.36, up 24 cents, Oct soymeal finished at $302.70, up $12, and Oct soy oil finished at 34.28 cents, up 55 points. US weather forecasts and the delayed nature of the crop are bullish. Higher crude oil futures and a sharply lower US dollar index added support as well today. However if any significant crop damage fails to emerge then huge production numbers will undoubtedly weigh once we get stuck into the harvest in earnest.
Corn
Dec corn settled at $3.64, up 4 ¼ cents. The crop is late and for once US weather is failing to accommodate, with heavy rain and freezing conditions on the cards for the weekend. Weekly export sales were OK at 521,900 MT, actual shipments for corn of 1,144,200 MT were pretty respectable. Tomorrow's USDA report is expected to show corn production at 12.99 billion bushels, with an average estimated yield of 162.64 bushels per acre, according to the average trade guess.
Wheat
Dec wheat closed at $4.74, up 10 ¾ cents. Weekly export sales of 767,300 MT were up 43 percent from the previous week and 52 percent from the prior 4-week average. The average trade estimate for 2009/10 wheat ending stocks tomorrow is 800 million bushels. The WASDE report could show at least a further 4 or 5 MMT getting added to the global production bottom line for 2009/10.
Nov soybeans finished at $9.36, up 24 cents, Oct soymeal finished at $302.70, up $12, and Oct soy oil finished at 34.28 cents, up 55 points. US weather forecasts and the delayed nature of the crop are bullish. Higher crude oil futures and a sharply lower US dollar index added support as well today. However if any significant crop damage fails to emerge then huge production numbers will undoubtedly weigh once we get stuck into the harvest in earnest.
Corn
Dec corn settled at $3.64, up 4 ¼ cents. The crop is late and for once US weather is failing to accommodate, with heavy rain and freezing conditions on the cards for the weekend. Weekly export sales were OK at 521,900 MT, actual shipments for corn of 1,144,200 MT were pretty respectable. Tomorrow's USDA report is expected to show corn production at 12.99 billion bushels, with an average estimated yield of 162.64 bushels per acre, according to the average trade guess.
Wheat
Dec wheat closed at $4.74, up 10 ¾ cents. Weekly export sales of 767,300 MT were up 43 percent from the previous week and 52 percent from the prior 4-week average. The average trade estimate for 2009/10 wheat ending stocks tomorrow is 800 million bushels. The WASDE report could show at least a further 4 or 5 MMT getting added to the global production bottom line for 2009/10.