CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.84, up 7 ¼ cents; May Soybean Meal at USD283.90, up USD3.60; May Soybean Oil at USD39.07, up 14 points. Private exporters reported anther sale of soybeans to China for 2010/11 delivery for 232,000 MT. Good progress with US corn plantings potentially means less opportunity for switching to soybean acres. China keep coming back to feed, and imports are set to be record large in May.
Corn
May Corn futures a=closed at USD3.55 ½, up 7 ¾ cents; December Corn futures were at USD3.85 ¼, also up 7 ¼ cents. Crude oil rebounded and the dollar was weaker, helping to reverse Monday's losses. Although US corn planting picked up significantly last week, as reported at 19% complete by the USDA Monday night, some had thought that 20-25% may have been nearer to mark.
Wheat
May CBOT Wheat closed at USD4.86, up 18 ¼ cents; May KCBT Wheat at USD5.01 ¾, up 18 ½ cents; May MGEX Wheat at USD5.19 ¼, up 18 ½ cents. It was a surprising move, with wheat gaining back most of Monday's steep losses. Funds, which sold an estimated 7,000 contracts on Monday, bought an estimated 6,000 contracts back today in Chicago. That came despite Monday night's USDA crop condition report showing significant improvement for winter wheat (69% G/E from 65% a week ago) and spring wheat being 20% planted, up from 6% a year ago.
May Soybeans closed at USD9.84, up 7 ¼ cents; May Soybean Meal at USD283.90, up USD3.60; May Soybean Oil at USD39.07, up 14 points. Private exporters reported anther sale of soybeans to China for 2010/11 delivery for 232,000 MT. Good progress with US corn plantings potentially means less opportunity for switching to soybean acres. China keep coming back to feed, and imports are set to be record large in May.
Corn
May Corn futures a=closed at USD3.55 ½, up 7 ¾ cents; December Corn futures were at USD3.85 ¼, also up 7 ¼ cents. Crude oil rebounded and the dollar was weaker, helping to reverse Monday's losses. Although US corn planting picked up significantly last week, as reported at 19% complete by the USDA Monday night, some had thought that 20-25% may have been nearer to mark.
Wheat
May CBOT Wheat closed at USD4.86, up 18 ¼ cents; May KCBT Wheat at USD5.01 ¾, up 18 ½ cents; May MGEX Wheat at USD5.19 ¼, up 18 ½ cents. It was a surprising move, with wheat gaining back most of Monday's steep losses. Funds, which sold an estimated 7,000 contracts on Monday, bought an estimated 6,000 contracts back today in Chicago. That came despite Monday night's USDA crop condition report showing significant improvement for winter wheat (69% G/E from 65% a week ago) and spring wheat being 20% planted, up from 6% a year ago.