CBOT Closing Comments


March corn futures ended lower than their opening in Monday's trading session. This is in contrast to corn futures trading last Friday and the overnight session to a new high since the beginning of this past November. Recent Israeli-Palestinian conflicts sent crude oil futures higher prior to the grain markets opening and the US dollar index weakening, but corn futures haven' responded positively to these influences. Favourable weather this week in the central US will be conducive to corn cash selling. Non conducive weather in Brazil and Argentina is expected this week, inhibiting favourable crop growth. These factors on top of a down day in the stock market weren't enough for corn futures to end the day higher. March corn finished at $3.93 1/2, down 18 3/4 cents; July corn finished at $4.14 1/4, down 18 1/4 cents


January soybean, meal, oil futures settled lower in Monday's session. Soybean complex futures rallied this past Friday and during this past overnight session, but couldn't continue this upon trade opening this morning. Rising crude oil future values, declining US dollar index, and strong export demand from China were providing the positive influence to soybean complex futures but wasn't enough to let soybean complex end in the positive. As mentioned above, weather conditions in the US and South America will be friendly for US soybeans and not for their South American counterparts. January soybean closed at $9.38 1/2 , down 13 1/4 cents; January soy meal closed at $292.10, down $5.60; January soy oil closed at $32.21, down 61 cents.


Chicago, Kansas City and Minneapolis wheat futures closed trading lower in today's session. A down day in the stock market, and spillover bearish activity from soybeans and corn affected wheat futures. Threats of winterkill in the US midsection have dissipated due to milder weather conditions early in the week while colder weather expected later but not enough to foster winterkill. A weakening dollar should be bullish support for wheat in the form of favourable US export prices, but trading didn't reflect this. CBOT March wheat settled at $5.92, down 7 1/4 cents; KCBT March wheat settled at $6.11, down 5 1/4 cents; MGEX March wheat settled at $6.44 1/2, down 8 1/2 cents.