CBOT Closing Comments


March soybean futures closed at USD9.51 ½, down 2 ½ cents, March soymeal futures at USD286.40, down USD1.10, and March soy oil futures at 36.71, down 0.29 points. Export sales were good at 929,600 MT for the current MY plus a further 61,000 MT for 2010/11 (expected: 750-950,000 MT). Heavy rain is slowing early soybean harvesting in Brazil, which keeps China coming back to feed at the US table, they booked 700,400 MT of this week's soybean sales. Informa raised their US soybean acreage estimate for this year to 77.9 million acres from their December report of 77.0 million acres, and the USDA's 77.5 million acres in 2009.


March corn futures closed at USD3.64 ¾, down 7 ¼ cents, May corn futures ended at USD3.75 ½, also down 7 ¼ cents. Corn weekly export sales came in at a very respectable 1,610,400 MT, plus a very small 400 MT sale of 2010/11, against expectations of 650,000 - 1,000,000 MT. Informa pegged 2010 corn plantings at 89.6 million acres, slightly higher than their previous estimate of 89.5 million, and a 0.4 million increase on what the USDA say was planted in 2009. Funds sold an estimated 11,000 contracts and weak outside markets also pressured corn today, as did the continued hangover from Tuesday's unexpected increase in 2009/10 production from the USDA.


March CBOT wheat futures closed at USD4.98 ½, down 1 cent, March KCBT wheat futures ended at USD5.02, down 1 ½ cents, and March MGEX wheat futures at USD5.12 ½, unchanged. Wheat export sales were strong for once at 825,800 MT for old crop, a marketing year high, plus a further 60,500 MT for delivery in 2010/11 (expected 250-350,000MT). The Philippines (187,600 MT), unknown destinations (113,300 MT) and Nigeria (107,100 MT) were the main buyers. There are about four months left in the marketing year, and despite today's sales wheat has a way to go to meet USDA projections of 825 million bushels for export (22.5 MMT).