CBOT Closing Comments
Soybeans
March soybean futures closed at USD9.08, down 17 ½ cents, March soymeal futures ended at USD268.90, down USD4.70, and March soy oil futures at 36.90, down 57 points. Beans gave up all of Tuesday's gain and then some, apparently proving that yesterday was merely a temporary blip in a prolonged downwards cycle. Informa pegged the Brazil soy crop at 66.5 MMT and Argentina at 54.0 MMT. That's 1.5 MMT and 1 MMT respectively above the current USDA estimates. Estimates for tomorrow's weekly USDA export sales report range from 650,000 to 800,000 MT.
Corn
March corn futures closed at USD3.53, down 12 cents, and May corn futures at USD3.64 ½, down 11 ¾ cents. Corn also reversed all of yesterday's gains and then some. Adding to the downward pressure were the Informa numbers for South American corn production. Informa is now forecasting Argentine corn production at 18.2 MMT and Brazil at 53.3 MMT. The Argentine number is 3.2 MMT above the USDA, and the Brazilian figure 2.3 MMT higher than what Washington currently estimate. Heavy rains and high temperatures have created "greenhouse" conditions in South America, sharply boosting crop production this season it would seem. Estimates for tomorrow's weekly export sales report range from 750,000 to 1,000,000 MT.
Wheat
March CBOT wheat futures closed at USD4.69, down 18 ¼ cents, March KCBT wheat futures at USD4.83 ¼, down 15 ¾ cents, and March MGEX wheat futures at USD4.98 ¾, down 13 ½ cents. Again all these closes reversed yesterday's gains and more. All eyes tomorrow will be on the USDA's weekly export sales report. Sales have suddenly put on a bit of a spurt the past couple of weeks, having been sadly lagging up until now. Weekly export sales for tomorrow are expected to range between 350,000 to 550,000 MT. The level of actual shipments is also important, with a weekly volume of 500,000 MT needed to match the current USDA target.
March soybean futures closed at USD9.08, down 17 ½ cents, March soymeal futures ended at USD268.90, down USD4.70, and March soy oil futures at 36.90, down 57 points. Beans gave up all of Tuesday's gain and then some, apparently proving that yesterday was merely a temporary blip in a prolonged downwards cycle. Informa pegged the Brazil soy crop at 66.5 MMT and Argentina at 54.0 MMT. That's 1.5 MMT and 1 MMT respectively above the current USDA estimates. Estimates for tomorrow's weekly USDA export sales report range from 650,000 to 800,000 MT.
Corn
March corn futures closed at USD3.53, down 12 cents, and May corn futures at USD3.64 ½, down 11 ¾ cents. Corn also reversed all of yesterday's gains and then some. Adding to the downward pressure were the Informa numbers for South American corn production. Informa is now forecasting Argentine corn production at 18.2 MMT and Brazil at 53.3 MMT. The Argentine number is 3.2 MMT above the USDA, and the Brazilian figure 2.3 MMT higher than what Washington currently estimate. Heavy rains and high temperatures have created "greenhouse" conditions in South America, sharply boosting crop production this season it would seem. Estimates for tomorrow's weekly export sales report range from 750,000 to 1,000,000 MT.
Wheat
March CBOT wheat futures closed at USD4.69, down 18 ¼ cents, March KCBT wheat futures at USD4.83 ¼, down 15 ¾ cents, and March MGEX wheat futures at USD4.98 ¾, down 13 ½ cents. Again all these closes reversed yesterday's gains and more. All eyes tomorrow will be on the USDA's weekly export sales report. Sales have suddenly put on a bit of a spurt the past couple of weeks, having been sadly lagging up until now. Weekly export sales for tomorrow are expected to range between 350,000 to 550,000 MT. The level of actual shipments is also important, with a weekly volume of 500,000 MT needed to match the current USDA target.