CBOT Closing Comments
Soybeans
March soybean futures finished at USD9.48, down 3 ½ cents, November soybean futures were at USD9.31 ¼, down ½ cent, March soymeal futures at USD275.60, down USD3.80, and March soy oil futures at 38.70, down 5 points. Estimates for tomorrow's weekly export sales report range form 250,000 to 450,000 MT. Last week's sales were 266,700 MT. The USDA's annual outlook forum pegs this year's soybean area 0.5 million lower than in 2009 at 77 million acres.
Corn
March corn futures closed at USD3.57 ¼, down 2 ¾ cents, and May corn futures at USD3.69, down 2 ¾ cents. The USDA February outlook projects 2010 corn acreage at 89 million acres with the 2010 crop at 13.2 billion bushels. Export sales estimates for tomorrow's weekly export sales report range from 600,000 to 800,000 MT. The Argentine Ag Ministry say that this season's corn crop will total 19-21 MMT, up sharply from last season's production of 12.6 MMT as "excellent" crop conditions lead to high yields.
Wheat
March CBOT wheat futures closed at USD4.85, down 9 ¾ cents, March KCBT wheat futures at USD4.93 ½, down 8 ½ cents, and March MGEX wheat futures at USD5.02 3/4, down 8 ¼ cents. Egypt again snubbed US wheat in favour of Russian/French grain, buying 300,000 MT in today's tender. Estimates for tomorrow's weekly export sales report range form 350,000 to 450,000 MT. Last week's sales were 577,700 MT. Strategie Grains say that the EU-27 will produce 134.7 MMT of soft wheat in 2010, that's nearly 5 MMT more than last season, and less than 4% away from 2008's all time record soft wheat output of 140 MMT. All wheat production will come in at 143.5 MMT this year they say, compared to 138 MMT in 2009.
March soybean futures finished at USD9.48, down 3 ½ cents, November soybean futures were at USD9.31 ¼, down ½ cent, March soymeal futures at USD275.60, down USD3.80, and March soy oil futures at 38.70, down 5 points. Estimates for tomorrow's weekly export sales report range form 250,000 to 450,000 MT. Last week's sales were 266,700 MT. The USDA's annual outlook forum pegs this year's soybean area 0.5 million lower than in 2009 at 77 million acres.
Corn
March corn futures closed at USD3.57 ¼, down 2 ¾ cents, and May corn futures at USD3.69, down 2 ¾ cents. The USDA February outlook projects 2010 corn acreage at 89 million acres with the 2010 crop at 13.2 billion bushels. Export sales estimates for tomorrow's weekly export sales report range from 600,000 to 800,000 MT. The Argentine Ag Ministry say that this season's corn crop will total 19-21 MMT, up sharply from last season's production of 12.6 MMT as "excellent" crop conditions lead to high yields.
Wheat
March CBOT wheat futures closed at USD4.85, down 9 ¾ cents, March KCBT wheat futures at USD4.93 ½, down 8 ½ cents, and March MGEX wheat futures at USD5.02 3/4, down 8 ¼ cents. Egypt again snubbed US wheat in favour of Russian/French grain, buying 300,000 MT in today's tender. Estimates for tomorrow's weekly export sales report range form 350,000 to 450,000 MT. Last week's sales were 577,700 MT. Strategie Grains say that the EU-27 will produce 134.7 MMT of soft wheat in 2010, that's nearly 5 MMT more than last season, and less than 4% away from 2008's all time record soft wheat output of 140 MMT. All wheat production will come in at 143.5 MMT this year they say, compared to 138 MMT in 2009.