CBOT Closing Comments
Soybeans
March soybean futures settled at USD9.09 ¾, down 4 1/4, March soymeal futures were at USD271.80, down USD2.00/tonne, and March soyoil futures at 36.19, up 4 points. A stronger US dollar was bearish, although a correction from recent sharp declines over the last fortnight was also in evidence. South American new crop supplies remain a threat, although China still continues to keep buying US beans for the time being.
Corn
March corn futures settled at USD3.59, up 2 1/2 cents, May corn futures settled at USD3.70 ¼, up 2 1/2 cents. As with beans today's action was likely to be more to do with a correction from recent losses, than any fundamental change in market direction. Conditions in Argentina improved, with one-third of the corn belt received beneficial showers over the weekend and more is on the way Wednesday-Friday, say Martell Crop Projections. The Buenos Aires Grain Exchange now say that the country will produce 18.4 MMT of corn this season, 0.4 MMT more than last week's estimate and 3.4 MMT more than the USDA's latest guesstimate.
Wheat
March CBOT wheat futures settled at USD4.74 ¾, up ¾ cent, March KCBT wheat futures were at USD4.87 1/2, up 1/2 cent, and March MGEX wheat futures at USD5.00 ¾, down 7 3/4 cents. Texas and Oklahoma wheat farms got 10 inches of snow in a major storm last week. Southern Kansas got 4-6 inches. The snow is much appreciated, not only for the .5-1.25 inches of moisture it contains, but also to protect wheat from wind damage. West Texas wheat has sustained serious damage from blustery winter conditions. Only 31% of Texas wheat was rated good in late January while 21% was considered poor-very poor, say Martell Crop Projections.
March soybean futures settled at USD9.09 ¾, down 4 1/4, March soymeal futures were at USD271.80, down USD2.00/tonne, and March soyoil futures at 36.19, up 4 points. A stronger US dollar was bearish, although a correction from recent sharp declines over the last fortnight was also in evidence. South American new crop supplies remain a threat, although China still continues to keep buying US beans for the time being.
Corn
March corn futures settled at USD3.59, up 2 1/2 cents, May corn futures settled at USD3.70 ¼, up 2 1/2 cents. As with beans today's action was likely to be more to do with a correction from recent losses, than any fundamental change in market direction. Conditions in Argentina improved, with one-third of the corn belt received beneficial showers over the weekend and more is on the way Wednesday-Friday, say Martell Crop Projections. The Buenos Aires Grain Exchange now say that the country will produce 18.4 MMT of corn this season, 0.4 MMT more than last week's estimate and 3.4 MMT more than the USDA's latest guesstimate.
Wheat
March CBOT wheat futures settled at USD4.74 ¾, up ¾ cent, March KCBT wheat futures were at USD4.87 1/2, up 1/2 cent, and March MGEX wheat futures at USD5.00 ¾, down 7 3/4 cents. Texas and Oklahoma wheat farms got 10 inches of snow in a major storm last week. Southern Kansas got 4-6 inches. The snow is much appreciated, not only for the .5-1.25 inches of moisture it contains, but also to protect wheat from wind damage. West Texas wheat has sustained serious damage from blustery winter conditions. Only 31% of Texas wheat was rated good in late January while 21% was considered poor-very poor, say Martell Crop Projections.