CBOT Closing Comments


January soybean futures closed at USD10.59 ½, up 4 ½ cents, January soymeal futures at USD316.90, up USD0.10 and January soy oil futures at 40.33 cents, up 0.69 points. China keep buying US beans, in the past four marketing days alone they've purchased 638,000 MT of soybeans for 2009/10 delivery. Whilst they will inevitably switch to South America before too long, they need to otherwise current USDA export predictions will prove woefully inadequate. Weekly export sales estimates for tomorrow's USDA report range from 750,000 to 850,000 MT


March corn futures finished the day USD4.10 ¼, up 2 ¾ cents, May corn futures were at USD4.21, also up 2 ¾ cents. Crude oil was sharply higher today which helped, as did spillover support from beans. Tomorrow's weekly export sales estimates range from 550,000 to 750,000 MT.


March CBOT wheat futures closed at USD5.37 ¼, up ½ cents, March KCBT wheat futures at USD5.30 ½, up 4 cents, and March MGEX wheat futures at USD5.44 ¼, up 7 cents. Weekly wheat export sales projections for tomorrow range from 300,000 to 400,000 MT. Egypt bought mostly Russian wheat in a tender once again today. Current 2009/10 US ending stocks are estimated at a 10-year high, and global stocks are at an 8-year high, according to the USDA.