CBOT Closing Comments


Corn futures closed one cent higher at the end of the trading session. This is after corn futures trading a little above its Friday's close in the overnight session and traded lower through out the midday session. Weekly export inspections were 31.088 million bushels, almost 20 million bushels below year ago for the same week. This was another trading day where the US dollar and crude oil both worked lower, allowing corn futures to end slightly higher. CBOT March Corn closed at $3.81 3/4 , up 1 cent.


The January soy complex components all ended higher today. At the tail end of the midday session the US dollar index started to retreat into negative territory, providing an afternoon of bullish trading activity of soy. Some fund buying also appeared to come in near the close, but overall volume was light. Soybean export inspections YTD are 460.305 million bushels, up 45.466 million bushels from year ago. The Argentine Government officially left unchanged the export tax on soybeans during its morning release. There had been a rumour that they were going to lower it in order to facilitate more exports. January Soybean at $8.86 1/2, up 18 1/4 cents; Jan Soy meal at $275.50, up $8.00; Jan Soy oil at $30.94, up 34 points.


CBOT Wheat futures finished higher at the end of the trading session. Today was the first day of electronic only trading of wheat contracts at the Minneapolis Grain Exchange and MGEX wheat futures. Weekly export inspections were only 9.8 million bushels. All three wheat contracts ended positive brought on by a falling dollar in the afternoon session. CBOT March Wheat at $5.69, up 5 3/4cents; KCBT March Wheat at $5.89 1/4 , up 6 1/4 cents; MGEX March Wheat at $6.34, up 8 cents.