CBOT Closing Comments
Corn
December corn futures closed at USD4.09, up 8 ¾ cents. Corn buyers came in about 11:30 to move the market to higher ground into the close. USDA projected corn prices will range between USD3.25 and USD3.85 for the marketing year weighted average price received by farmers. The DTN national average basis for corn widened to 37 cents under the December futures contract today. That would price corn at USD3.57 ½ for a national average at today's prices, which would be slightly above the mid-range of USDA's forecasted price. The weak technical picture of the US dollar makes corn attractive to foreign buyers. USDA reduced the 2009/10 corn production down to 12.921 billion bushels, decreasing the per acre yield to 162.9 bushels from 164.2 last month. Most of the country has minimal rain forecast over the next five days, so harvest should continue except for the south east corner of the US, where hurricane Ida will be dumping significant rain.
Soybeans
November soybean futures closeed at USD9.61 ½, down 2 ¾ cents, December soymeal futures at USD288.20, down USD6.10 and December soy oil futures at 37.56, cents, down 21 points. Soybean prices finished lower today. Soybeans had established a USD2.18 trading range in the June/July time frame and the price has remained basically in that range since. Prices for January soybeans are currently priced at USD9.68. The DTN national soybean basis widened 6 cents to 59 cents under the January futures price as harvest continues uninterrupted by weather. USDA is forecasting the marketing year weighted average price received by farmers for 2009/10 to range USD8.20 to USD10.20. Harvest should continue at a good pace over the next several days with 25% of the crop in the field as of Sunday. the USDA raised soybean production to 3.319 billion bushels with average yield of 43.3 bushels to the acre. Brazil soybean production is projected at a record crop of 63 million tons, increasing by one million tons from the October report.
Wheat
December CBOT wheat futures closed at USD5.23, up 3 cents. Wheat finished higher, staging a minor rally after 11:30. USDA reduced US wheat supplies by 4 million bushels decreasing HRS and durum production. Exports were lowered because sales are down as well as shipments. USDA decreased export projections by 25 million bushels to 875 million bushels. US ending stocks, if realized will be at a 10 year high at 885 million bushels. USDA predicts the weighted average price received by farmers for the 2009/10 marketing year to range USD4.65 to USD5.05. The price was reduced by 10 cents on both ends. The report reminded the trade the world has lots of wheat. Global supplies for 2009/10 are projected to increase 1.7 million tons. Sufficient supplies of Black Sea wheat are expected to limit exports for Europe and North America.
December corn futures closed at USD4.09, up 8 ¾ cents. Corn buyers came in about 11:30 to move the market to higher ground into the close. USDA projected corn prices will range between USD3.25 and USD3.85 for the marketing year weighted average price received by farmers. The DTN national average basis for corn widened to 37 cents under the December futures contract today. That would price corn at USD3.57 ½ for a national average at today's prices, which would be slightly above the mid-range of USDA's forecasted price. The weak technical picture of the US dollar makes corn attractive to foreign buyers. USDA reduced the 2009/10 corn production down to 12.921 billion bushels, decreasing the per acre yield to 162.9 bushels from 164.2 last month. Most of the country has minimal rain forecast over the next five days, so harvest should continue except for the south east corner of the US, where hurricane Ida will be dumping significant rain.
Soybeans
November soybean futures closeed at USD9.61 ½, down 2 ¾ cents, December soymeal futures at USD288.20, down USD6.10 and December soy oil futures at 37.56, cents, down 21 points. Soybean prices finished lower today. Soybeans had established a USD2.18 trading range in the June/July time frame and the price has remained basically in that range since. Prices for January soybeans are currently priced at USD9.68. The DTN national soybean basis widened 6 cents to 59 cents under the January futures price as harvest continues uninterrupted by weather. USDA is forecasting the marketing year weighted average price received by farmers for 2009/10 to range USD8.20 to USD10.20. Harvest should continue at a good pace over the next several days with 25% of the crop in the field as of Sunday. the USDA raised soybean production to 3.319 billion bushels with average yield of 43.3 bushels to the acre. Brazil soybean production is projected at a record crop of 63 million tons, increasing by one million tons from the October report.
Wheat
December CBOT wheat futures closed at USD5.23, up 3 cents. Wheat finished higher, staging a minor rally after 11:30. USDA reduced US wheat supplies by 4 million bushels decreasing HRS and durum production. Exports were lowered because sales are down as well as shipments. USDA decreased export projections by 25 million bushels to 875 million bushels. US ending stocks, if realized will be at a 10 year high at 885 million bushels. USDA predicts the weighted average price received by farmers for the 2009/10 marketing year to range USD4.65 to USD5.05. The price was reduced by 10 cents on both ends. The report reminded the trade the world has lots of wheat. Global supplies for 2009/10 are projected to increase 1.7 million tons. Sufficient supplies of Black Sea wheat are expected to limit exports for Europe and North America.