CBOT Close
Corn
March corn finished at $3.50 1/4, down 3 cents. Weather forecasts calling for rains this weekend in crop areas of Argentina weighed some on corn futures. The USDA export sales report for the week ending February 12 came in at a very respectable 1.33mmt. This gave some support to corn, and was at the high end of expected analysts’ range estimates. However, lower crude oil futures among other bearish outside market factors weighed on corn futures.
Soybeans
March soybeans closed at $8.62 1/2, down 22 cents. Anti government strikes by Argentine farmers were reported this afternoon. This plus late in the session short covering and a lower US dollar index gave some bullish support, offsetting some earlier losses. The USDA released its export sales report for the week ending February 12. Net sales of US soybean exports were above expectations at 1.094mmt. However, lower crude oil futures among other outside market factors weighed on soy complex.
Wheat
March CBOT wheat settled at $5.19 1/4, down 1/4 cent. Weather forecasts for the HRW wheat crops areas of the southern US Plains calls for little chance for precipitation which is much need in areas affected by recent prolonged dryness. A late in the session short covering and a lower US dollar index provided some bullish support to wheat futures, offsetting some losses. Market sentiment over decreased demand for wheat as a result of the global economic downturn and US recession continued to weigh on wheat futures. The USDA released its export sales report for the week ending February 12. Net sales of US wheat exports were in line with expectations at 433,457mmt. A lower US stock market among other bearish outside market factors weighed on wheat futures throughout the session.
March corn finished at $3.50 1/4, down 3 cents. Weather forecasts calling for rains this weekend in crop areas of Argentina weighed some on corn futures. The USDA export sales report for the week ending February 12 came in at a very respectable 1.33mmt. This gave some support to corn, and was at the high end of expected analysts’ range estimates. However, lower crude oil futures among other bearish outside market factors weighed on corn futures.
Soybeans
March soybeans closed at $8.62 1/2, down 22 cents. Anti government strikes by Argentine farmers were reported this afternoon. This plus late in the session short covering and a lower US dollar index gave some bullish support, offsetting some earlier losses. The USDA released its export sales report for the week ending February 12. Net sales of US soybean exports were above expectations at 1.094mmt. However, lower crude oil futures among other outside market factors weighed on soy complex.
Wheat
March CBOT wheat settled at $5.19 1/4, down 1/4 cent. Weather forecasts for the HRW wheat crops areas of the southern US Plains calls for little chance for precipitation which is much need in areas affected by recent prolonged dryness. A late in the session short covering and a lower US dollar index provided some bullish support to wheat futures, offsetting some losses. Market sentiment over decreased demand for wheat as a result of the global economic downturn and US recession continued to weigh on wheat futures. The USDA released its export sales report for the week ending February 12. Net sales of US wheat exports were in line with expectations at 433,457mmt. A lower US stock market among other bearish outside market factors weighed on wheat futures throughout the session.