CBOT Closing Comments
Corn
Corn futures traded mostly higher Monday. Funds were semi aggressive in buying contracts with a quoted amount of 3,000. Market bulls were fed again this afternoon when USDA indicated that corn harvest is only 71% complete. The '08 rate is 21 percentage points behind last years for the same date and 17 points behind the 5 year average. Farmers may be slowed again for the most part of this week with the CB catching some precipitation and corn in the field is not drying down, so even if weather permitted producers may elect not to harvest due to moisture tests. Japan purchased 103,632 MT of US corn. Export inspections were 24.748 million bushel, which was below trade estimates of 26-32 MB. Dec +8 at 3.83.
Soybeans
Soybeans closed sharply higher in several contracts Monday. Funds were estimated buyers of 3,000 bean, 1,000 meal, and 2,000 bean oil contracts. Crude oil did make new contract lows today but has rebounded and now is trading about $62. USDA reported export inspections of 33.822 million bushels which were well below trade estimates of 35 to 40 million bushels. In the crop progress report this afternoon suggested that beans were 93% harvested which is right on par with the 5 year average. Deliveries against the Nov contracts were 575, that contract is set to expire this Friday. Nov +28 at 9.40; Dec Meal +3.60 at 275.30; Dec BO +148 at 35.38.
Wheat
Wheat futures closed lower at the exchanges in the December contract with KCBT losing the most. Funds were estimated sellers of 1,000 CBOT contracts. Futures were pushed lower on renewed bearish fundamentals as USDA hiked up world wheat production to another record 682.4 MMT. Export inspections totaled 12.8 million bushels which fell below trade guesses of 18 to 22 MB. USDA's crop progress indicated winter wheat planting 94% complete, up from last week's 90% and steady with the 5 year average. 83% of winter wheat has emerged by November 9th which is ahead of last year's pace but lags the 5 year average by 1 percentage point. Dec CHI -1 at 5.20.
Corn futures traded mostly higher Monday. Funds were semi aggressive in buying contracts with a quoted amount of 3,000. Market bulls were fed again this afternoon when USDA indicated that corn harvest is only 71% complete. The '08 rate is 21 percentage points behind last years for the same date and 17 points behind the 5 year average. Farmers may be slowed again for the most part of this week with the CB catching some precipitation and corn in the field is not drying down, so even if weather permitted producers may elect not to harvest due to moisture tests. Japan purchased 103,632 MT of US corn. Export inspections were 24.748 million bushel, which was below trade estimates of 26-32 MB. Dec +8 at 3.83.
Soybeans
Soybeans closed sharply higher in several contracts Monday. Funds were estimated buyers of 3,000 bean, 1,000 meal, and 2,000 bean oil contracts. Crude oil did make new contract lows today but has rebounded and now is trading about $62. USDA reported export inspections of 33.822 million bushels which were well below trade estimates of 35 to 40 million bushels. In the crop progress report this afternoon suggested that beans were 93% harvested which is right on par with the 5 year average. Deliveries against the Nov contracts were 575, that contract is set to expire this Friday. Nov +28 at 9.40; Dec Meal +3.60 at 275.30; Dec BO +148 at 35.38.
Wheat
Wheat futures closed lower at the exchanges in the December contract with KCBT losing the most. Funds were estimated sellers of 1,000 CBOT contracts. Futures were pushed lower on renewed bearish fundamentals as USDA hiked up world wheat production to another record 682.4 MMT. Export inspections totaled 12.8 million bushels which fell below trade guesses of 18 to 22 MB. USDA's crop progress indicated winter wheat planting 94% complete, up from last week's 90% and steady with the 5 year average. 83% of winter wheat has emerged by November 9th which is ahead of last year's pace but lags the 5 year average by 1 percentage point. Dec CHI -1 at 5.20.