CBOT Closing Comments
Soybeans
May Soybeans closed at exactly USD10.00, down 4 ¼ cents; May Soybean Meal at USD.30, down USD3.30; Soybean Oil was at USD39.35, up 26 points. There was probably some pre-weekend profit-taking after prices moved higher over the course of the week. Rapid corn planting may mean less beans going into the ground than many had anticipated.
Corn
May Corn futures closed at USD3.53, down 9 ¼ cents; December Corn futures at USD3.78 ¼, down 9 ½ cents. Corn plantings have progressed at a phenomenal pace this season. Many US growers have been working 24/7 this past week ahead of forecast heavy showers starting Saturday. That may push sowings close to 50% done in Monday night's USDA planting progress report, one of the fastest paces on record.
Wheat
May CBOT Wheat closed at USD4.93 ¼, down 5 ¼ cents; May KCBT Wheat was at USD5.05 ¾, down 4 ½ cents: May MGEX Wheat at USD5.26 ¾, down 2 cents. Corn and soybean losses weighed on wheat today. Showers over the next week in the HRW growing region are expected to keep crop ratings high. Despite lower plantings, US output could match or even exceed last season.
May Soybeans closed at exactly USD10.00, down 4 ¼ cents; May Soybean Meal at USD.30, down USD3.30; Soybean Oil was at USD39.35, up 26 points. There was probably some pre-weekend profit-taking after prices moved higher over the course of the week. Rapid corn planting may mean less beans going into the ground than many had anticipated.
Corn
May Corn futures closed at USD3.53, down 9 ¼ cents; December Corn futures at USD3.78 ¼, down 9 ½ cents. Corn plantings have progressed at a phenomenal pace this season. Many US growers have been working 24/7 this past week ahead of forecast heavy showers starting Saturday. That may push sowings close to 50% done in Monday night's USDA planting progress report, one of the fastest paces on record.
Wheat
May CBOT Wheat closed at USD4.93 ¼, down 5 ¼ cents; May KCBT Wheat was at USD5.05 ¾, down 4 ½ cents: May MGEX Wheat at USD5.26 ¾, down 2 cents. Corn and soybean losses weighed on wheat today. Showers over the next week in the HRW growing region are expected to keep crop ratings high. Despite lower plantings, US output could match or even exceed last season.