CBOT Closing Comments

Soybeans

July soybeans closed at USD10.25 1/2, up 13 cents; July soybean meal closed at USD314.10, up USD3.70; July soybean oil closed at 37.38, up 52 points. Today's USDA report lowered 2009/10 ending stocks by 10 million bushels from the June report and left 2010/11 the same at 360 million bushels. World 2010/11 soybean ending stocks were increased to 67.76 MMT from 66.99 MMT. Weekly export sales were in line with expectations at 864,873 MT. China took most of that and also bought another 120,000 MT of soybeans for 2010/11 the USDA confirmed today.

Corn

July corn closed at USD3.75 1/4, down 2 1/4 cents; Dec Corn closed at USD3.95 1/4, down 1 cent. the USDA estimated 2009/10 ending stocks at 1.478 billion and 2010/11 stocks at 1.373 billion in today's report, slightly above the average trade guesses. World 2010/11 corn ending stocks were cut from 147.3 MMT to 141.1 MMT. Export sales were a combined total of 825,953 MT and shipments were 1,030,497 MT. Old crop sales included one cargo to China.

Wheat

July CBOT wheat closed at USD5.23 1/2, down 10 1/2 cents; July KCBT wheat closed at USD5.48 1/4, down 5 3/4 cents; July MGEX wheat closed at USD5.54 1/2, down 8 3/4 cents. The USDA is projecting all wheat production for 2010/11 at 2.216 billion bushels, up 149 million bushels from the June report. The USDA reported weekly export sales of 513,600 MT for wheat, a bit better than the 350-450,000 MT expected. They also cut 2010/11 world wheat ending stocks from 193.9 MMT last month to 187.1 MMT.