CBOT Closing Comments
Soybeans
March soybean futures closed at USD9.14, up 6 cents, March soymeal futures at USD271.20, up USD2.30, and March soy oil futures at 37.21, up 0.31 points. The USDA reported weekly soybean sales of only 381,500 MT for delivery in 2009/10 - a marketing-year low. Whilst the soybean sales were disappointing, they don't need to be large to meet current USDA targets.
Corn
March corn futures closed at USD3.54, up 1 cent, and May corn futures at USD3.65 ¼, up ¾ cent. The USDA said that weekly corn sales came in as expected at 923,200 MT for delivery in 2009/10 plus a small 3,000 MT sale for next season's crop. That compares with pre-report estimates for sales of 750,000 to 1,000,000 MT.
Wheat
March CBOT wheat futures finished the day at USD4.75 ¾, up 6 ¾ cents, March KCBT wheat futures at USD4.88 ½, up 5 ¼ cents, and March MGEX wheat futures at USD5.01 ¾, up 3 cents. The USDA confirmed weekly export sales iin line with estimates of between 350,000 to 550,000 MT at 418,200 MT for delivery in 2009/10, plus a further 64,500 MT for delivery in 2010/11. Japan purchased 85,000 MT of mostly US wheat in it's usual routine Thursday tender.
March soybean futures closed at USD9.14, up 6 cents, March soymeal futures at USD271.20, up USD2.30, and March soy oil futures at 37.21, up 0.31 points. The USDA reported weekly soybean sales of only 381,500 MT for delivery in 2009/10 - a marketing-year low. Whilst the soybean sales were disappointing, they don't need to be large to meet current USDA targets.
Corn
March corn futures closed at USD3.54, up 1 cent, and May corn futures at USD3.65 ¼, up ¾ cent. The USDA said that weekly corn sales came in as expected at 923,200 MT for delivery in 2009/10 plus a small 3,000 MT sale for next season's crop. That compares with pre-report estimates for sales of 750,000 to 1,000,000 MT.
Wheat
March CBOT wheat futures finished the day at USD4.75 ¾, up 6 ¾ cents, March KCBT wheat futures at USD4.88 ½, up 5 ¼ cents, and March MGEX wheat futures at USD5.01 ¾, up 3 cents. The USDA confirmed weekly export sales iin line with estimates of between 350,000 to 550,000 MT at 418,200 MT for delivery in 2009/10, plus a further 64,500 MT for delivery in 2010/11. Japan purchased 85,000 MT of mostly US wheat in it's usual routine Thursday tender.