CBOT Closing Comments
Soybeans
March soybean futures closed at USD9.54, up 4 cents, March soymeal futures at USD287.50, up USD1.30, and March soy oil futures at 37.00, up 43 points. The USDA today have announced private exporters sold 230,000 MT of mostly 2010/11 crop soybeans for delivery to China. Weekly export sales estimates range from 750,000 to 950,000 MT for soybeans, 200,000 to 300,000 MT for bean meal and 10,000 to 20,000 for bean oil.
Corn
March corn futures closed at USD3.72, up 4 cents, and May corn futures at USD3.82 ¾, up 4 cents. Trade estimates for tomorrow's weekly export sales range from 650,000 to 1,000,000 MT. The Midwest and eastern Corn Belt again experienced winter storms leaving many side roads icy and impassable. Warmer weather is on its way for the weekend however. Corn production in China might be significantly lower than estimates from the USDA and the Chinese government, but I don't see that being a precursor to start importing.
Wheat
March CBOT wheat futures closed at USD4.99 ½, up 2 cents, March KCBT wheat futures are at USD5.03 ½, down 1 cent, and March MGEX wheat futures at USD5.12 ½, up 1 ¾ cents. Tomorrow's USDA weekly export sales estimates range from 250,000 to 350,000 MT. Japan bought 111,000 MT of mostly (86,000 MT) US wheat today. Canadian farmers will plant less wheat for the 2010/11 harvest, reducing output to around 24 MMT, according to early estimates from the CWB.
March soybean futures closed at USD9.54, up 4 cents, March soymeal futures at USD287.50, up USD1.30, and March soy oil futures at 37.00, up 43 points. The USDA today have announced private exporters sold 230,000 MT of mostly 2010/11 crop soybeans for delivery to China. Weekly export sales estimates range from 750,000 to 950,000 MT for soybeans, 200,000 to 300,000 MT for bean meal and 10,000 to 20,000 for bean oil.
Corn
March corn futures closed at USD3.72, up 4 cents, and May corn futures at USD3.82 ¾, up 4 cents. Trade estimates for tomorrow's weekly export sales range from 650,000 to 1,000,000 MT. The Midwest and eastern Corn Belt again experienced winter storms leaving many side roads icy and impassable. Warmer weather is on its way for the weekend however. Corn production in China might be significantly lower than estimates from the USDA and the Chinese government, but I don't see that being a precursor to start importing.
Wheat
March CBOT wheat futures closed at USD4.99 ½, up 2 cents, March KCBT wheat futures are at USD5.03 ½, down 1 cent, and March MGEX wheat futures at USD5.12 ½, up 1 ¾ cents. Tomorrow's USDA weekly export sales estimates range from 250,000 to 350,000 MT. Japan bought 111,000 MT of mostly (86,000 MT) US wheat today. Canadian farmers will plant less wheat for the 2010/11 harvest, reducing output to around 24 MMT, according to early estimates from the CWB.