CBOT Closing Comments


January soybean futures closed at USD10.34, down 25 ½ cents, December soymeal futures at USD317.30, down USD7.40, and December soy oil futures at 39.75 cents, down 83 points. A firmer dollar, lower crude and the absence of fund money drove prices lower today. Estimates for tomorrow's weekly export sales report range from 650,000 to 1,000,000 MT.


December corn futures closed at USD3.91 ¾, down 8 cents, and March corn futures at USD4.06 ½, also down 8 cents. With a significant amount of this season's corn crop still unharvested, there are legitimate concerns that some of it may not get brought in until the spring. USDA export estimates are 400 to 900,000 MT. The EPA frustrated the ethanol lobby hoping to get the E15 blend passed yesterday by deferring it's decision until 2010.


December CBOT wheat futures finished USD5.54 ½, down 8 cents, December KCBT wheat futures at USD5.51, down 5 ¾ cents and December MGEX wheat futures at USD5.63 ½, down 4 ¼ cents. Export estimates for tomorrows weekly export sales report range from 300 to 500, 000 MT. Japan is expected to buy 105,000 MT of US wheat in a tender tomorrow, along with a smaller quantity of Australia/Canadian wheat.