CBOT Closing Comments
Soybeans
November soybeans finished at $9.97 ½, up 19 ½ cents, December soymeal ended at $302.70, up $5.70, December soy oil closed at 36.79 cents, up 39 points. A lower US dollar and higher crude oil futures lent support, although generally favourable US weather forecasts were a bit bearish. The last week in October is often a strange month for futures, with widespread hedge fund liquidation and book-squaring. Today there seems to have been some element of establishing new positions. The USDA reported that 63.675 million bushels of soybeans were inspected for export during the previous week, which fell well above trade estimates ranging 33 to 50 Mbu.
Corn
December corn futures closed at $3.82¼, up 16 ¼ cents. As with beans a lower US dollar and higher crude oil were supportive. Weather forecasts for warmer and drier conditions across large parts of the corn belt for the next fortnight are bearish, however. Again, as in the soybean pit, a late surge of first of the month fund money appeared to push corn sharply higher approaching the close. That was despite the USDA reporting corn export inspections during the previous week came of 23.367 million bushels, which fell below trade estimates ranging from 25 to 35 Mbu.
Wheat
December CBOT wheat futures settled at $5.16 ¾, up 22 ½ cents, December KCBT wheat futures closed at $5.20, up 21 cents and December MGEX wheat futures finished at $5.31, up 18 ¼ cents. As with the other pits a late round of fund buying seemed to be enough to send prices to the upper end of their daily trading range. The USDA reported that 11.933 million bushels of wheat were inspected for export during the previous week, which fell below trade estimates ranging from 14 to 19 Mbu. Weather forecasts for this week call for conditions favourable for winter wheat plantings.
November soybeans finished at $9.97 ½, up 19 ½ cents, December soymeal ended at $302.70, up $5.70, December soy oil closed at 36.79 cents, up 39 points. A lower US dollar and higher crude oil futures lent support, although generally favourable US weather forecasts were a bit bearish. The last week in October is often a strange month for futures, with widespread hedge fund liquidation and book-squaring. Today there seems to have been some element of establishing new positions. The USDA reported that 63.675 million bushels of soybeans were inspected for export during the previous week, which fell well above trade estimates ranging 33 to 50 Mbu.
Corn
December corn futures closed at $3.82¼, up 16 ¼ cents. As with beans a lower US dollar and higher crude oil were supportive. Weather forecasts for warmer and drier conditions across large parts of the corn belt for the next fortnight are bearish, however. Again, as in the soybean pit, a late surge of first of the month fund money appeared to push corn sharply higher approaching the close. That was despite the USDA reporting corn export inspections during the previous week came of 23.367 million bushels, which fell below trade estimates ranging from 25 to 35 Mbu.
Wheat
December CBOT wheat futures settled at $5.16 ¾, up 22 ½ cents, December KCBT wheat futures closed at $5.20, up 21 cents and December MGEX wheat futures finished at $5.31, up 18 ¼ cents. As with the other pits a late round of fund buying seemed to be enough to send prices to the upper end of their daily trading range. The USDA reported that 11.933 million bushels of wheat were inspected for export during the previous week, which fell below trade estimates ranging from 14 to 19 Mbu. Weather forecasts for this week call for conditions favourable for winter wheat plantings.