CBOT Closing Comments (Boxing Day)


March corn futures traded and closed above $4 a bushel during afternoon trading. The US dollar traded and closed lower than its open value. Crude oil futures gained strength closing up $2.36 per barrel, providing support to corn futures. Spillover bullish trading from soybeans contributed to corn futures' rally to a new 7-week intraday high. USDA released their weekly export sales for the week ending 12/18/08. US corn exports shipped were up about 17% for the previous week at 831,287MT. China announced it is to buy 4.5 million of corn for its reserve by April 2009. March corn ended at $4.12 1/4 , up 14 1/4 cents


Soybean rallied and closed higher in part to news of unfavourable weather conditions for South American crops. A weakened US dollar and higher crude oil contributed to soybean complex futures to be bullish. USDA this morning reported that US soy meal and cake export sales for the week ending 12/18/08 were up 230% at 145,700 MT. January soybeans closed at $9.51 3/4 , up 36 cents; January soy meal closed at $297.70, up $9.80; January soy oil closed at $32.82, up $1.51.


Wheat futures during the intraday trading went above $6 for the first time since mid October, but only CBOT wheat closed below $6. This seven week high was in part brought on by spillover rallies in soybeans and corn. Renewed weather concerns affecting current US planted crops also contributed to wheat's rally. March CBOT wheat finished at $5.99 1/4 , up 17 cents; March KCBT wheat finished at $6.16 1/4 , up 16 1/4 cents; March MGEX wheat finished at $6.53, up 11 1/4 cents.