CBOT Closing Comments

Soybeans

August soybeans ended 14 cents lower at $10.20 1/2, despite having traded more than 40 cents higher than that earlier in the session. Wall Street closed more than 250 points higher, the dollar was weaker and crude oil was higher. That sent the market higher early on, but later in the day bearish weather news took the market back into negative territory. Certainly there is little in the way of heat stress in the forecast, if anything it is too cool in the Midwest.

Corn

Sep corn ended down 9 cents at $3.29 1/2 per bushel and Dec corn ended down 8 cents to $3.37 1/2. US weather is benign, almost too benign. Outside markets supported early in the session but just ran out of steam. Harvest isn't that far away, crop conditions look great, and the seasonal low doesn't yet normally happen for a couple of months, so what is there to get excited about?

Wheat

Sep wheat closed up 4 3/4 cents at $5.34 3/4. Unlike beans and corn wheat started it's downwards decline a whole lot earlier, so we can expect a bottom sometime sooner as well. Production problems elsewhere around the world are a concern, eg Canada, Russia, India and even Australia looking further afield.