CBOT Closing Comments
Corn
May corn closed at $3.98 ½, up ½ cent. There are some concerns about the EPA’s proposed new alternative-fuel standard and that it could favour other fuels ahead of ethanol. Wet and cool weather continues to frustrate US farmers attempts to crack on with planting.
Soybeans
May soybeans finished at $11.16, up ¾ cent. Whilst planting delays might be bullish for corn, the possibility is that they will lead to more US soybean acres. The old crop stocks situation still looks tight, but next week's USDA report is likely to show plenty of new crop ending stocks in the pipeline.
Wheat
May CBOT wheat closed at $5.41 ½, up 3 cents. Spring wheat planting progress continues to lag well behind normal, although yield potential in Kansas, the major HRW producer, looks promising. Weakness in soy & corn limited wheat's gains.
May corn closed at $3.98 ½, up ½ cent. There are some concerns about the EPA’s proposed new alternative-fuel standard and that it could favour other fuels ahead of ethanol. Wet and cool weather continues to frustrate US farmers attempts to crack on with planting.
Soybeans
May soybeans finished at $11.16, up ¾ cent. Whilst planting delays might be bullish for corn, the possibility is that they will lead to more US soybean acres. The old crop stocks situation still looks tight, but next week's USDA report is likely to show plenty of new crop ending stocks in the pipeline.
Wheat
May CBOT wheat closed at $5.41 ½, up 3 cents. Spring wheat planting progress continues to lag well behind normal, although yield potential in Kansas, the major HRW producer, looks promising. Weakness in soy & corn limited wheat's gains.