CBOT Closing Comments
CORN
Corn futures closed lower Thursday as little fresh news fed bulls and many traders have been had their hands in their pockets throughout the financial crisis anxiously awaiting a Congressional resolution plan. Funds were sellers of an estimated 2,000 contracts with renewed forecasts stating unlikelihood of damaging frosts in the next week or so and expectations of more clear and dry weather add pressure. USDA released export sales this morning of 547,800 tonnes which was slightly higher than trade guesses. Strength in the US Dollar Index also weighed in on futures as exports become less attractive. Dec -4c at 5.58.
SOYBEANS
Soybeans traded higher for much of Thursday but finished slightly lower in nearby November. Funds sold an estimated 1,000 bean contracts, 1,000 meal, and 1,000 Bean oil contracts. Meal was pushed lower with census data indicated a build up in meal supply. Census soy crush was a tad higher than trade estimates but pegged it pretty close, crushing 128.65 MB in August. USDA export sales totaled 612,500 tonnes which was within trade estimates. Weather remains favorable for later maturing beans for the next week and beneficial for harvesting. Nov -4 at 11.83 Oct Meal -4.20 at 323.40 Oct BO +7 at 47.77
WHEAT
Wheat futures closed mixed at the three exchanges in today�s trade. CBOT prices were softer despite funds buying 1,000 contracts. US wheat exporters were bypassed again as Egypt opted to buy 120,000 tonnes of Russian wheat. Export sales were below trade estimates at 294,400 tonnes, traders were expecting sales between 400,000 and 600,000. Dec CHI -2c at 7.27; KC +0 at 7.59; MLPS +1c at 7.98.
Corn futures closed lower Thursday as little fresh news fed bulls and many traders have been had their hands in their pockets throughout the financial crisis anxiously awaiting a Congressional resolution plan. Funds were sellers of an estimated 2,000 contracts with renewed forecasts stating unlikelihood of damaging frosts in the next week or so and expectations of more clear and dry weather add pressure. USDA released export sales this morning of 547,800 tonnes which was slightly higher than trade guesses. Strength in the US Dollar Index also weighed in on futures as exports become less attractive. Dec -4c at 5.58.
SOYBEANS
Soybeans traded higher for much of Thursday but finished slightly lower in nearby November. Funds sold an estimated 1,000 bean contracts, 1,000 meal, and 1,000 Bean oil contracts. Meal was pushed lower with census data indicated a build up in meal supply. Census soy crush was a tad higher than trade estimates but pegged it pretty close, crushing 128.65 MB in August. USDA export sales totaled 612,500 tonnes which was within trade estimates. Weather remains favorable for later maturing beans for the next week and beneficial for harvesting. Nov -4 at 11.83 Oct Meal -4.20 at 323.40 Oct BO +7 at 47.77
WHEAT
Wheat futures closed mixed at the three exchanges in today�s trade. CBOT prices were softer despite funds buying 1,000 contracts. US wheat exporters were bypassed again as Egypt opted to buy 120,000 tonnes of Russian wheat. Export sales were below trade estimates at 294,400 tonnes, traders were expecting sales between 400,000 and 600,000. Dec CHI -2c at 7.27; KC +0 at 7.59; MLPS +1c at 7.98.