CBOT Closing Comments

Soybeans

July soybeans closed at USD9.51 3/4, up 13 3/4 cents; July soymeal ended USD4.70 higher at USD276.00; July soyoil settled 33 points higher at 38.18. Sharply higher crude oil helped, as too did a weaker dollar. April's crush came in lower than the 138.2 million expected at 136.5 million bushels. Even so they only need to average just 125.7 million for the next 4 months to hit the USDA's target. US export sales for beans were 175,400 MT old crop and 120,000 MT new crop, with China taking most of that.

Corn

July corn ended at USD3.73 1/4, up 1 3/4 cents; Dec corn closed at USD3.93 1/2, up 2 3/4 cents. Old crop corn export sales were 1,030,800 MT, with China accounting for 241,000 MT. "Corn development was retarded with very cool May temperatures the first 3 weeks. Heat units are starting to add up in late May, however," say Martell Crop Projections. Overall Midwest corn and soybean growers do not have much to complain about with recurring showers every few days, interspersed with warm sunny weather, they add.

Wheat

July CBOT wheat closed at USD4.67 3/4, up 6 cents; July KCBT Wheat at USD4.92 3/4, up 4 cents; July MGEX Wheat at USD5.13 3/4, up 5 cents. Japan bought 131,000 MT of wheat overnight, with 90,000 MT being US origin. Wheat export sales were 148,800 MT old crop and 336,700 MT new crop, a bit better than total expectations of the 400,000 MT mark. Short covering was also a feature with commodity funds buying an estimated 3,000 CBOT contracts.