CBOT Closing Comments
Soybeans
CBOT September soybeans ended 3 cents higher at USD10.07 1/2; December soymeal ended USD2.50 higher at USD296.10; December soyoil settled 0.08 cents higher at 40.20 cents per pound. Weekly export sales were poor when compared to trade estimates at 613,917 MT. Private exporters announced the sale of 100,000 MT of soybeans to Egypt. FCStone cut their US soybean yield estimate for 2010 to 43.5 bu/acre from 44 bu/acre last month. Output is now seen at 3.39 billion bu from 3.428 billion last month and the USDA's 3.433 billion.
Corn
CBOT September corn ended 3/4 cents higher at USD4.33; December corn finished 3/4 cents higher at USD4.47 1/2. The USDA announced weekly export corn sales of 1.658 MMT vs expectations of 1 to 1.3 MMT. Private exporters also announced the sale of 120,000 MT of corn to Egypt for 2010/11. FCStone last night reduced their prospective corn yield for 2010 by 2.9 bu/acre to 162.9 bu/acre, pegging the crop at 13.195 billion bushels.
Wheat
CBOT December wheat closed up 5 cents at USD7.13 3/4 a bushel; KCBT Dec wheat rose 5 1/2 cents to USD7.32 1/4; MGE Dec wheat was 9 cents higher at USD7.35. Weekly export sales were substantial at 1,024,084 MT and above trade guesses of 750 to 950 TMT, that total included 83,300 MT for Egypt. Russian Prime Minister Vladimir Putin suggested that their wheat export embargo would last until next summer, well beyond the Dec 31st deadline currently in place.
CBOT September soybeans ended 3 cents higher at USD10.07 1/2; December soymeal ended USD2.50 higher at USD296.10; December soyoil settled 0.08 cents higher at 40.20 cents per pound. Weekly export sales were poor when compared to trade estimates at 613,917 MT. Private exporters announced the sale of 100,000 MT of soybeans to Egypt. FCStone cut their US soybean yield estimate for 2010 to 43.5 bu/acre from 44 bu/acre last month. Output is now seen at 3.39 billion bu from 3.428 billion last month and the USDA's 3.433 billion.
Corn
CBOT September corn ended 3/4 cents higher at USD4.33; December corn finished 3/4 cents higher at USD4.47 1/2. The USDA announced weekly export corn sales of 1.658 MMT vs expectations of 1 to 1.3 MMT. Private exporters also announced the sale of 120,000 MT of corn to Egypt for 2010/11. FCStone last night reduced their prospective corn yield for 2010 by 2.9 bu/acre to 162.9 bu/acre, pegging the crop at 13.195 billion bushels.
Wheat
CBOT December wheat closed up 5 cents at USD7.13 3/4 a bushel; KCBT Dec wheat rose 5 1/2 cents to USD7.32 1/4; MGE Dec wheat was 9 cents higher at USD7.35. Weekly export sales were substantial at 1,024,084 MT and above trade guesses of 750 to 950 TMT, that total included 83,300 MT for Egypt. Russian Prime Minister Vladimir Putin suggested that their wheat export embargo would last until next summer, well beyond the Dec 31st deadline currently in place.