CBOT Closing Comments
Soybeans
July soybeans closed at USD9.38, up 7 1/2 cents; July soymeal ended 20 cents higher at USD271.30; July soyoil settled up 68 points at 37.85. A weaker US dollar, slow farmer selling and higher crude oil prices supported, as too did firmer equities. Whilst new crop planting might be off to a good start soybean processors continue to firm their bids with the old crop pipeline tight. South American growers are also reluctant sellers, hoping that weak local currencies will lead to price advances in the coming weeks. Tomorrow's USDA weekly export sales are estimated at 250,000 to 750,000 MT.
Corn
July corn closed at USD3.71 1/2, up 7 cents; Dec Corn was up 8 cents at USD3.90 3/4. China sold almost all of the corn offered in their weekly auction yesterday, and are rumoured to be increasing import quota substantially for 2010. Talk is that Chinese corn production was in reality significantly lower in 2009 than official estimates. Maybe 15-20 MMT below current usage projections. Traders are estimating weekly export sales to be between 850,000 to 1,350,000 MT in tomorrow's USDA report.
Wheat
July CBOT wheat closed at USD4.61 3/4, up 1 1/4 cents,; July KCBT Wheat was at USD4.88 3/4, up 4 cents; July MGEX Wheat ended at USD5.08 3/4, up 5 1/2 cents. Trade estimates for tomorrow's weekly export sales report range from 300,000 to 450,000 MT. the US winter wheat harvest has begun in southern and central Texas and will gradually move north as the crop matures. It's early days to report on yields yet, but some reports suggest that they may disappoint.
July soybeans closed at USD9.38, up 7 1/2 cents; July soymeal ended 20 cents higher at USD271.30; July soyoil settled up 68 points at 37.85. A weaker US dollar, slow farmer selling and higher crude oil prices supported, as too did firmer equities. Whilst new crop planting might be off to a good start soybean processors continue to firm their bids with the old crop pipeline tight. South American growers are also reluctant sellers, hoping that weak local currencies will lead to price advances in the coming weeks. Tomorrow's USDA weekly export sales are estimated at 250,000 to 750,000 MT.
Corn
July corn closed at USD3.71 1/2, up 7 cents; Dec Corn was up 8 cents at USD3.90 3/4. China sold almost all of the corn offered in their weekly auction yesterday, and are rumoured to be increasing import quota substantially for 2010. Talk is that Chinese corn production was in reality significantly lower in 2009 than official estimates. Maybe 15-20 MMT below current usage projections. Traders are estimating weekly export sales to be between 850,000 to 1,350,000 MT in tomorrow's USDA report.
Wheat
July CBOT wheat closed at USD4.61 3/4, up 1 1/4 cents,; July KCBT Wheat was at USD4.88 3/4, up 4 cents; July MGEX Wheat ended at USD5.08 3/4, up 5 1/2 cents. Trade estimates for tomorrow's weekly export sales report range from 300,000 to 450,000 MT. the US winter wheat harvest has begun in southern and central Texas and will gradually move north as the crop matures. It's early days to report on yields yet, but some reports suggest that they may disappoint.