CBOT Closing Comments
Soybeans
May Soybeans closed 8 cents higher at $9.68/bushel; May Soybean Meal ended USD3.80 higher at USD275.20/ton; May Soybean Oil settled 15 cents higher at USD39.74. Celeres estimates that Brazil is 81% harvested. Argentina is 28% harvested. Good Midwest weather prompted talk of rapid corn plantings possibly taking away some spring soybeans acres.
Corn
May corn ended 4 1/4 cents higher at USD3.52 1/2 per bushel; December corn ended 3 1/2 cents higher at USD3.84 1/4. Early corn planting in the Midwest seems to be progressing well, the six to 10 day forecast has above normal temperatures and below normal rainfall for the central and eastern Corn Belt.
Wheat
May CBOT Wheat closed at USD4.76, up 8 ¼ cents; May KCBT Wheat at USD4.92 ¾, up 8 ½ cents; May MGEX Wheat at USD5.07 ¾, up 5 ½ cents. Strength from corn and beans helped wheat. Heavily oversold conditions kept shorts nervous. iraq is tendering for at least 100,000 MT of wheat this week, but frequently buys more. Japan are also in the market for 157,000 MT, of which 90,000 MT will be US origin.
May Soybeans closed 8 cents higher at $9.68/bushel; May Soybean Meal ended USD3.80 higher at USD275.20/ton; May Soybean Oil settled 15 cents higher at USD39.74. Celeres estimates that Brazil is 81% harvested. Argentina is 28% harvested. Good Midwest weather prompted talk of rapid corn plantings possibly taking away some spring soybeans acres.
Corn
May corn ended 4 1/4 cents higher at USD3.52 1/2 per bushel; December corn ended 3 1/2 cents higher at USD3.84 1/4. Early corn planting in the Midwest seems to be progressing well, the six to 10 day forecast has above normal temperatures and below normal rainfall for the central and eastern Corn Belt.
Wheat
May CBOT Wheat closed at USD4.76, up 8 ¼ cents; May KCBT Wheat at USD4.92 ¾, up 8 ½ cents; May MGEX Wheat at USD5.07 ¾, up 5 ½ cents. Strength from corn and beans helped wheat. Heavily oversold conditions kept shorts nervous. iraq is tendering for at least 100,000 MT of wheat this week, but frequently buys more. Japan are also in the market for 157,000 MT, of which 90,000 MT will be US origin.