CBOT Closing Comments

Corn

September corn closed at $3.22 ¼, up 6 cents. The crop progress report out after the close, showed 55% of the corn crop silking, up from 31% last week but well behind the five year average of 76%. NASS reported 7% of the corn in the dough stage, the same as last year and behind the five year average of 17%. Crop ratings were 8% poor to very poor and 70% good to excellent. Ratings slipped 1 point from the good to excellent into the poor to very poor.

Soybeans

August soybeans closed at $10.21 ¼, up ¼ cent, November at $9.06 ½, down 8 ½ cents. Weekly crop condition ratings released after the closed showed 63% of the crop blooming, ahead of last years 60% but behind the five year average of 76%. Pod setting is at 20%, 1 % better than last year but behind the five year average of 36% because of later planting dates. Soybean ratings did not change from last week with 8% in the poor to very poor and 67% in the good to excellent category.

Wheat

September wheat ended at $5.20 ½, up 4 ¼ cents. The USDA weekly Crop Progress report showed Spring wheat is 93% headed compared to 98% last year and for the five year average. Winter wheat is 79% harvested, on target with last year and behind the five year average of 84%. Spring wheat crop condition ratings were at 7% poor to very poor, the same as last week. Good to excellent is 74% improved 1% from last weeks 73%.