CBOT Closing Report - Friday
Corn
Nearby corn futures closed higher this session. Continued hotter and drier weather expected in key crop areas of South America, namely Argentina and some of Brazil provides bullish support to grains. Spillover bullish push from soybeans help led corn to rally higher. Taiwan recent purchase of 60,000 tonnes of US corn added more support to corn futures. Expected bearish slant to USDA WASDE report on Monday regarding corn limited corns futures' gains. March corn closed at $4.10 3/4, up 4 cents; December corn closed at $4.54 1/4, up 4 cents
Soybeans
Nearby soy complex futures settled sharply higher in today's session. Forecasted drier and hotter weather expected in key Argentine and Brazilian crop areas, will be threatening an already compromised soy and corn crops. Recent rains in that region weren't sufficient to quench the drought like conditions there. Both South American countries are US soy export rivals and this weather news provided bullish support to soy complex and spillover bullish push to grains. Projected tighter US soy ending stocks and China?s strong export demand for US soy also added support to soy complex futures. January soybean settled at $10.37 1/2, up 48 1/2 cents; January soy meal settled at $315.80, up $16.80; January soy oil settled at $36.50, up 98 cents.
Wheat
Wheat futures in Chicago, Kansas City and Minneapolis finished higher. Bullish spillover support from soybeans due to South American weather's eminent harm to crops there led wheat into positive gains. This morning South Korea bought 22,000 tonnes of US wheat while Taiwan and the Philippines intend to buy US wheat later this month. These provided some turnaround to the recent slowing of US wheat exports, thus added a bullish push to wheat futures. Forecasted cold weather conditions and the absence of adequate, protective snow covering bring greater probability of damage to wheat crops in the Plains which spurred bullish support to wheat. March CBOT wheat finished at $6.29 1/2, up 17 cents; March KCBT wheat finished at $6.51, up 17 3/4 cents; March MGEX wheat finished at $6.80 1/4, up 15 3/4 cents
Nearby corn futures closed higher this session. Continued hotter and drier weather expected in key crop areas of South America, namely Argentina and some of Brazil provides bullish support to grains. Spillover bullish push from soybeans help led corn to rally higher. Taiwan recent purchase of 60,000 tonnes of US corn added more support to corn futures. Expected bearish slant to USDA WASDE report on Monday regarding corn limited corns futures' gains. March corn closed at $4.10 3/4, up 4 cents; December corn closed at $4.54 1/4, up 4 cents
Soybeans
Nearby soy complex futures settled sharply higher in today's session. Forecasted drier and hotter weather expected in key Argentine and Brazilian crop areas, will be threatening an already compromised soy and corn crops. Recent rains in that region weren't sufficient to quench the drought like conditions there. Both South American countries are US soy export rivals and this weather news provided bullish support to soy complex and spillover bullish push to grains. Projected tighter US soy ending stocks and China?s strong export demand for US soy also added support to soy complex futures. January soybean settled at $10.37 1/2, up 48 1/2 cents; January soy meal settled at $315.80, up $16.80; January soy oil settled at $36.50, up 98 cents.
Wheat
Wheat futures in Chicago, Kansas City and Minneapolis finished higher. Bullish spillover support from soybeans due to South American weather's eminent harm to crops there led wheat into positive gains. This morning South Korea bought 22,000 tonnes of US wheat while Taiwan and the Philippines intend to buy US wheat later this month. These provided some turnaround to the recent slowing of US wheat exports, thus added a bullish push to wheat futures. Forecasted cold weather conditions and the absence of adequate, protective snow covering bring greater probability of damage to wheat crops in the Plains which spurred bullish support to wheat. March CBOT wheat finished at $6.29 1/2, up 17 cents; March KCBT wheat finished at $6.51, up 17 3/4 cents; March MGEX wheat finished at $6.80 1/4, up 15 3/4 cents