CBOT Closing Comments
Soybeans
November soybean futures closed at $9.67 down 28 ½ cents, December soymeal ended at $291.30, down $10.30, and December soy oil at 37.18, down 37 points. An improved weather outlook was behind much of the fall, with the mud forecast to dry up over the next seven days in the Midwest and eastern Grain Belt. Export sales for soybeans were in line with pre-report estimates. Conab estimate Brazil's 2009-10 soybean crop at a record 62.5-63.6 MMT.
Corn
December corn futures finished the day at $3.76 ½, down 7 ½ cents. A stronger US Dollar and lower crude oil prices were negative for corn values. Export sales were a combined total of 571,213 MT, 54% higher than last week and slightly above trade expectations. Export shipments were 708,198 MT, mostly to Japan, Mexico and Columbia. Private analysts Informa and FCStone reckon that this season's corn crop will come in at 13.064 and 13.004 billion bushels respectively. The USDA are out with their latest estimate early next week.
Wheat
December wheat futures closed at $5.12 ¼, down 8 ¾ cents. Export sales were a combined total of 284,546 MT, considerably lower than trade expectations of 350,000 to 550,000 MT. Export shipments of 289,800 MT were also down sharply. Egypt passed on US wheat on a tender, buying Russian and French wheat instead. Conab forecast the Brazilian wheat crop at 5 MMT, one million down on estimates from earlier in the season. They will be big importers in 2010, and their regular supplier of Argentina will be struggling to supply their needs with their lowest plantings in 100 years.
November soybean futures closed at $9.67 down 28 ½ cents, December soymeal ended at $291.30, down $10.30, and December soy oil at 37.18, down 37 points. An improved weather outlook was behind much of the fall, with the mud forecast to dry up over the next seven days in the Midwest and eastern Grain Belt. Export sales for soybeans were in line with pre-report estimates. Conab estimate Brazil's 2009-10 soybean crop at a record 62.5-63.6 MMT.
Corn
December corn futures finished the day at $3.76 ½, down 7 ½ cents. A stronger US Dollar and lower crude oil prices were negative for corn values. Export sales were a combined total of 571,213 MT, 54% higher than last week and slightly above trade expectations. Export shipments were 708,198 MT, mostly to Japan, Mexico and Columbia. Private analysts Informa and FCStone reckon that this season's corn crop will come in at 13.064 and 13.004 billion bushels respectively. The USDA are out with their latest estimate early next week.
Wheat
December wheat futures closed at $5.12 ¼, down 8 ¾ cents. Export sales were a combined total of 284,546 MT, considerably lower than trade expectations of 350,000 to 550,000 MT. Export shipments of 289,800 MT were also down sharply. Egypt passed on US wheat on a tender, buying Russian and French wheat instead. Conab forecast the Brazilian wheat crop at 5 MMT, one million down on estimates from earlier in the season. They will be big importers in 2010, and their regular supplier of Argentina will be struggling to supply their needs with their lowest plantings in 100 years.