CBOT Closing Comments
Corn
March corn futures settled unchanged; while December corn futures settled slightly lower this session. Market sentiment over declining corn feed usage for livestock and poultry as a result of a growing global economic slowdown and US recession weighed on corn futures for the day. An example of decreased feed use was concerns that US fed cattle supplies may be at a 5-year low. This provided pressure to corn futures. A higher US dollar index this session added pressure to corn. Higher crude oil futures earlier this session gave support to corn, but later crude oil futures traded in negative territory thus provided bearish pressure to corn. Earlier today, Taiwan Sugar reported to buy US corn. Cash corn bids were steady to firm late on Tuesday with slow farmer selling. March corn settled at $3.49 1/4, unchanged.
Soybeans
March soy complex finished lower in today’s session. November contracts finished lower as well. Bearish pressure to the soy complex came from continuing market sentiment over the growing global economic slowdown and US recession and improved soy crop weather conditions in Argentina. A higher US dollar index this session added pressure to soy. Higher crude oil futures earlier this session gave support to soy, but crude oil futures after midday traded in negative territory, thus provided bearish pressure to the soy complex. Decreasing demand over soy meal for livestock and poultry feed weighed on soy meal futures. Concerns over the effects of the global economic downturn and lower crude oil futures in the afternoon session gave pressure to soy oil. Earlier today, Taiwan Sugar reported to buy US soy. Cash soy bids were steady to firm late on Tuesday with slow farmer selling. March soybeans finished at $8.87 ½, down 15 1/2 cents.
Wheat
March wheat futures at all three grain exchanges closed slightly lower for the day. Like corn and soy, the market sentiment over demand for wheat as a negative effect of the growing global economic slowdown and US recession weighed on wheat. Spillover from corn and soybeans provided pressure to wheat futures this session. A higher US dollar index during wheat trading gave pressure to wheat. A positive session in the US stock markets provided bullish outside market support to wheat. Additional support to wheat came from weather concerns that more rain is needed in the HRW wheat crop areas in the US Plains. Rising competition from Russian and Australian wheat exports provided added bearish pressure to US wheat. Paris milling wheat futures were lower for the day which gave some light support to US wheat futures. March CBOT wheat closed at $5.10 3/4, down 4 3/4 cents.
March corn futures settled unchanged; while December corn futures settled slightly lower this session. Market sentiment over declining corn feed usage for livestock and poultry as a result of a growing global economic slowdown and US recession weighed on corn futures for the day. An example of decreased feed use was concerns that US fed cattle supplies may be at a 5-year low. This provided pressure to corn futures. A higher US dollar index this session added pressure to corn. Higher crude oil futures earlier this session gave support to corn, but later crude oil futures traded in negative territory thus provided bearish pressure to corn. Earlier today, Taiwan Sugar reported to buy US corn. Cash corn bids were steady to firm late on Tuesday with slow farmer selling. March corn settled at $3.49 1/4, unchanged.
Soybeans
March soy complex finished lower in today’s session. November contracts finished lower as well. Bearish pressure to the soy complex came from continuing market sentiment over the growing global economic slowdown and US recession and improved soy crop weather conditions in Argentina. A higher US dollar index this session added pressure to soy. Higher crude oil futures earlier this session gave support to soy, but crude oil futures after midday traded in negative territory, thus provided bearish pressure to the soy complex. Decreasing demand over soy meal for livestock and poultry feed weighed on soy meal futures. Concerns over the effects of the global economic downturn and lower crude oil futures in the afternoon session gave pressure to soy oil. Earlier today, Taiwan Sugar reported to buy US soy. Cash soy bids were steady to firm late on Tuesday with slow farmer selling. March soybeans finished at $8.87 ½, down 15 1/2 cents.
Wheat
March wheat futures at all three grain exchanges closed slightly lower for the day. Like corn and soy, the market sentiment over demand for wheat as a negative effect of the growing global economic slowdown and US recession weighed on wheat. Spillover from corn and soybeans provided pressure to wheat futures this session. A higher US dollar index during wheat trading gave pressure to wheat. A positive session in the US stock markets provided bullish outside market support to wheat. Additional support to wheat came from weather concerns that more rain is needed in the HRW wheat crop areas in the US Plains. Rising competition from Russian and Australian wheat exports provided added bearish pressure to US wheat. Paris milling wheat futures were lower for the day which gave some light support to US wheat futures. March CBOT wheat closed at $5.10 3/4, down 4 3/4 cents.