CBOT Closing Comments
Soybeans
August soybeans closed at USD10.26 3/4, up 16 1/4 cents; August soybean meal closed at USD305.40, up USD3.70; August soybean oil closed at 39.27, up 43 points. The USDA reported weekly export sales of 339,000 MT for delivery in 2009/10 plus a further 1,144,200 MT for delivery in 2010/11. That topped estimates of 900,000-1,050,000 MT. China bought 235,000 MT of the old crop and 459,000 MT of the new crop, a further 308,000 MT of new crop went to "unknown".
Corn
September corn closed at USD3.79 1/4, up 3 cents; December corn closed at USD3.93 3/4, up 3 cents. Corn weekly export sales same in at 432,300 MT for delivery in 2009/10 and 528,100 MT for delivery in 2010/11 - in line with expectations of 800,000-1,000,000 MT. Once again strength in wheat dragged corn higher. Foreign and US corn crop conditions appear to have created some potential for higher prices.
Wheat
Sept CBOT wheat closed at USD6.27 1/2, up 12 cents; Sept KCBT wheat closed at USD6.46 1/4, up 15 1/2 cents; Sept MGEX wheat closed at USD6.58 1/4, up 15 1/4 cents. The USDA reported weekly export sales of 919,900 MT, sharply higher than expectations of 300-400,000 MT, and the best total in the past six weeks and the biggest sale so far this marketing year. Russian woes suggest that US exports may come in better than currently predicted in 2010/11.
August soybeans closed at USD10.26 3/4, up 16 1/4 cents; August soybean meal closed at USD305.40, up USD3.70; August soybean oil closed at 39.27, up 43 points. The USDA reported weekly export sales of 339,000 MT for delivery in 2009/10 plus a further 1,144,200 MT for delivery in 2010/11. That topped estimates of 900,000-1,050,000 MT. China bought 235,000 MT of the old crop and 459,000 MT of the new crop, a further 308,000 MT of new crop went to "unknown".
Corn
September corn closed at USD3.79 1/4, up 3 cents; December corn closed at USD3.93 3/4, up 3 cents. Corn weekly export sales same in at 432,300 MT for delivery in 2009/10 and 528,100 MT for delivery in 2010/11 - in line with expectations of 800,000-1,000,000 MT. Once again strength in wheat dragged corn higher. Foreign and US corn crop conditions appear to have created some potential for higher prices.
Wheat
Sept CBOT wheat closed at USD6.27 1/2, up 12 cents; Sept KCBT wheat closed at USD6.46 1/4, up 15 1/2 cents; Sept MGEX wheat closed at USD6.58 1/4, up 15 1/4 cents. The USDA reported weekly export sales of 919,900 MT, sharply higher than expectations of 300-400,000 MT, and the best total in the past six weeks and the biggest sale so far this marketing year. Russian woes suggest that US exports may come in better than currently predicted in 2010/11.