CBOT Closing Comments


At the CBOT, Corn opened higher but ended unchanged for the day. At the NYMEX, Crude oil closed below $37 dollars, which isn't friendly to corn futures because of the ethanol dependence on fuel prices. The US Dollar Index ended in positive territory. A rally in the dollar is a disadvantage for export sales on the world market. This morning the USDA released its weekly export sales numbers. The week ending 12/11, US corn exports were 3.147% up from the previous week yet net new sales were down 34.044% for the year. These placed a mixed selling pressure to corn future contracts, thus an unchanged session. CBOT March Corn finished unchanged at $3.89.


CBOT January Soybeans traded higher overnight and ended up for the day. The US Dollar Index closed up, which is not friendly to soybean futures, but a higher wheat market helped with soybeans. Heating oil futures (diesel) reversed course and closed lower, putting pressure on soy oil. The USDA weekly export sales numbers for soybeans for the week ending 12/11 were up 21.886% from the previous week, and up 10.346% from the previous week for net sales. January soy meal and soy oil closed mixed, as meal ended up while oil ended down. CBOT January Soybean closed up 5 at $8.69; January Soy meal closed up 3.10 at $266.30; January Soy oil closed down 30 points at $30.70


Wheat ended the session with double digit gains for the day. US Wheat export sales numbers for the week ending 12/11 were up 29.081% for exports from the previous week and up 9.508% for net sales. Wheat opened higher and extended gains while corn and soybeans opened lower. Wheat?s positive price support came from continued weather concerns and a lowered crop estimate by the USDA. End of year profit taking in wheat?s case means buying. CBOT March Wheat ended up 14 cents at %5.71; KCBT March Wheat ended up 12 � cents at $5.90; MGEX March Wheat ended up 12 cents at $6.31.