CBOT Closing Comments


May corn closed at $4.02 ½, up 6 ½ cents. Old crop net sales of 1,251,300 MT were even higher than last week and above expectations of 850-1,100,000MT. In addition to that traders also reported 116,000 MT of sales to unknown today. You can say what you like about corn but it is certainly picking up export interest at these rates! Crude finished around $4/barrel higher and the dollar went through the floor. Ongoing wetness in the Midwest may be delaying corn plantings.


May soybeans finished at $9.77, up 25 cents. Old crop net sales of 599,800 MT were up 40 percent from the previous week, new crop net sales of 581,100 MT for delivery in 2009/10 included 412,000 MT for China. Expectations were for combined sales of 500-700,000 MT. Sharply higher crude oil and a weaker dollar also lent support.


May CBOT wheat ended at $5.50 ½, up 25 cents. Continued flooding in North Dakota is delaying field progress and hindering spring wheat plantings. With winter wheat seedings already down sharply, US wheat production is continuing to shrink in 2009. Weekly export sales were OK at 283,500 MT for old crop and 100,400 MT for new crop against expectations of 300-425,000 MT.