CBOT Closing Comments

Corn

March corn settled at $3.53 1/4, up 4 cents in a rebound from oversold conditions after sharp recent losses. March crude jumped 14% on an unexpected drop in US inventories, whereas a 3.2m barrel increase had been expected. South Korea bought 55,000mt corn overnight, and tomorrow's delayed weekly export sales are expected to show another robust set of figures, after four weeks of 1mmt plus sales.

Soybeans

March soybeans dropped 3 cents to close at $8.84 1/2 with a lower US dollar and higher crude oil futures provided bullish support to soy futures, limiting losses. However the outlook for improved crop conditions in South America weighed on futures later in the session. Deferred contracts gained with November soybeans finishing 9 1/4 cents higher at $8.45, as the unwinding of old, new crop spreads was featured. Weekly export sales tomorrow are expected to be strong in the region of 600-900,000mt.

Wheat

March CBOT wheat closed at $5.19 1/2, up 8 1/4 cents. Dryness in the US Plains, a weaker dollar and sharply higher crude lent support throughout the session. Despite China's best protestations to the contrary, there are still concerns over the future of this season's crop there. Taiwan bought an unknown amount of US wheat.