CBOT Closing Comments
Soybeans
March soybean futures ended at USD9.25 ½, up 15 ¾ cents, March soymeal futures at USD273.60, up USD1.80, and March soy oil futures at 37.47, up 128 points. Prices were probably overdue a recovery from four month lows, although that doesn't mean that the downturn has ended. The soybean harvest is around 5% done in Brazil, more than double last season's pace, reflecting the large increase in early sown, fast maturing varieties planted for this season's harvest.
Corn
March corn futures closed at USD3.65, up 6 cents, with May at USD3.76 ¼, up 6 cents. Sharply higher crude oil prices and the lower dollar helped values today. Whilst US farmers are less than keen to sell at current levels, reports circulate that they may have to once weather conditions improve. The theory is that millions of tonnes of wet corn will start to rapidly deteriorate once temperatures warm up, forcing US farmers' hands.
Wheat
March CBOT wheat futures closed the day at USD4.87 ¼, up 12 ½ cents, March KCBT wheat futures were at USD4.99, up 11 ½ cents, and March MGEX wheat futures at USD5.12 ¼, up 11 cents. As with other markets, things were overdue a corrective bounce. The USDA currently rate winter wheat crop conditions in Kansas, the largest HRW producing state, at 11% poor/very poor and 56% good/excellent.
March soybean futures ended at USD9.25 ½, up 15 ¾ cents, March soymeal futures at USD273.60, up USD1.80, and March soy oil futures at 37.47, up 128 points. Prices were probably overdue a recovery from four month lows, although that doesn't mean that the downturn has ended. The soybean harvest is around 5% done in Brazil, more than double last season's pace, reflecting the large increase in early sown, fast maturing varieties planted for this season's harvest.
Corn
March corn futures closed at USD3.65, up 6 cents, with May at USD3.76 ¼, up 6 cents. Sharply higher crude oil prices and the lower dollar helped values today. Whilst US farmers are less than keen to sell at current levels, reports circulate that they may have to once weather conditions improve. The theory is that millions of tonnes of wet corn will start to rapidly deteriorate once temperatures warm up, forcing US farmers' hands.
Wheat
March CBOT wheat futures closed the day at USD4.87 ¼, up 12 ½ cents, March KCBT wheat futures were at USD4.99, up 11 ½ cents, and March MGEX wheat futures at USD5.12 ¼, up 11 cents. As with other markets, things were overdue a corrective bounce. The USDA currently rate winter wheat crop conditions in Kansas, the largest HRW producing state, at 11% poor/very poor and 56% good/excellent.