CBOT Closing Comments
Soybeans
September soybeans closed at USD10.09 1/4, down 7 1/2 cents; September soybean meal closed at USD300.80, down USD1.70; September soybean oil closed at 39.52, down 37 points. It's been a torrid week for September soybean oil in particular which closed 300 points lower on the week. The Pro Farmer Midwest Crop Tour pegged the 2010 US harvest at 3.5 billion bushels after the close, above USDA's August estimate of 3.4 billion.
Corn
September corn closed at USD4.21 1/4, up 7 cents; December corn closed at USD4.36 1/4, up 7 cents. Corn futures finished 10 cents higher for the week. The Pro Farmer Midwest Crop Tour pegs corn yields at 164.1 BPA and a crop size of 13.29 billion bushels. The USDA’s projection for the 2010/11 crop is 13.365 billion bushels. The USDA announced the sale of 85,000 MT of old crop and 127,000 MT of new crop corn sold to "unknown" plus 120,000 MT of new crop sold to Egypt.
Wheat
Sept CBOT wheat closed at USD6.79, down 2 1/4 cents; Sept KCBT wheat closed at USD7.05 1/2, up 1/4 cents; Sept MGEX wheat closed at USD7.00, down 6 1/2 cents. Wheat was down 15 to 24 cents for the week. Rain is forecast for northern Russia over the next 10 days, along with a return to normal temperatures. Russia denied that they will need to import grain in 2010/11. Statistics Canada exceeded expectations by estimating the 2010-11 all-wheat crop at 22.7 MMT.
September soybeans closed at USD10.09 1/4, down 7 1/2 cents; September soybean meal closed at USD300.80, down USD1.70; September soybean oil closed at 39.52, down 37 points. It's been a torrid week for September soybean oil in particular which closed 300 points lower on the week. The Pro Farmer Midwest Crop Tour pegged the 2010 US harvest at 3.5 billion bushels after the close, above USDA's August estimate of 3.4 billion.
Corn
September corn closed at USD4.21 1/4, up 7 cents; December corn closed at USD4.36 1/4, up 7 cents. Corn futures finished 10 cents higher for the week. The Pro Farmer Midwest Crop Tour pegs corn yields at 164.1 BPA and a crop size of 13.29 billion bushels. The USDA’s projection for the 2010/11 crop is 13.365 billion bushels. The USDA announced the sale of 85,000 MT of old crop and 127,000 MT of new crop corn sold to "unknown" plus 120,000 MT of new crop sold to Egypt.
Wheat
Sept CBOT wheat closed at USD6.79, down 2 1/4 cents; Sept KCBT wheat closed at USD7.05 1/2, up 1/4 cents; Sept MGEX wheat closed at USD7.00, down 6 1/2 cents. Wheat was down 15 to 24 cents for the week. Rain is forecast for northern Russia over the next 10 days, along with a return to normal temperatures. Russia denied that they will need to import grain in 2010/11. Statistics Canada exceeded expectations by estimating the 2010-11 all-wheat crop at 22.7 MMT.