CBOT Closing Comments


May corn closed down 8 cents at $3.85 3/4 per bushel. Corn has been unable to break and hold above $4 recently and seems stuck in a sideways pattern ahead of next week's USDA reports. Despite sharply lower prices than twelve months ago, many analysts are expected similar corn acres to be planted by US farmers to last season.


May soybeans closed 16 cents lower at $9.51 a bushel. Even old crop came under pressure, despite the strike in Argentina and tight stocks situation, ahead of next week's USDA reports. US farmers are expected to plant anywhere from 2-5 million acres more beans in 2009. Brazil are about halfway through their harvest, and Chinese buying interest may well be switching there.


May wheat slumped 27 cents to $5.08 a bushel. Some rain relief for winter wheat crops on the US Plains may be in sight later in the week. Meanwhile Russia remains the world's most aggressive exporter of wheat picking up orders from Egypt & Syria amongst others in the past couple of weeks. Even normally reliable Japan isn't tendering this week for US wheat. With it's own expected 78mmt harvest about to kick off, and storage space already tight, India is said to be about to lift it's export ban.