CBOT Closing Comments
Corn
March corn futures closed higher in today's session. July corn futures also closed higher on the day. February crude oil futures were down 83 cents per barrel at $39.19 upon the closed of pit trading in the grains. The US dollar index was slightly up during the close of the grain's trading session. Drier weather conditions in Argentina and Brazil are forecasted to continue to inhibit corn crops there. This was supportive to US corn futures, yet outside markets influences were mixed support to corn futures. The USDA is scheduled to release its 5-year adjustments of US and world supply and demand numbers tomorrow afternoon. The USDA Hogs & Pigs report showed smaller than expected market hog numbers, which is not bullish for corn demand. March corn closed at $3.96 3/4 , up 2 3/4 cents; July corn closed at $4.17, up 2 3/4 cents.
Soybeans
January soybean complex settled mixed this trade session. January soybeans and soy meal futures settled higher, while January soy oil futures settled lower. A weakness in the US dollar earlier during grain trading, and continued dry weather conditions forecasted in Argentina and Brazil lent strength to US soybean futures. Higher meal futures also boosted product value for soybeans despite a little drag from the bean oil. Crude oil futures were trading lower than $40 per barrel during grain pit trading and closed lower. That weighed on the bean oil via biodiesel margins. January soybean settled at $9.45 3/4, up 7 1/4 cents; January soy meal settled at $298.00, up 59 cents; January soy oil settled at $32.11, down 10 cents.
Wheat
March wheat futures in Chicago, Kansas City, and Minneapolis finished higher at the close of the trading session. A weakened in the US dollar earlier, a lower crude oil, and gains in the equities markets provided bullish support to wheat and the other grains. Saudi Arabia announced plans to tender for 500,000 tonnes of hard wheat which would be helpful to US wheat exports. Pakistan via the TCP, has issued to purchase 250,000 tonnes of wheat from the US. These potential US wheat export news contributed to wheat's gains today. CBOT March wheat finished at $6.04 3/4, up 12 3/4 cents; KCBT March wheat finished at $6.21 3/4, up 10 3/4 cents; MGEX March wheat finished at $6.55, up 10 cents.
March corn futures closed higher in today's session. July corn futures also closed higher on the day. February crude oil futures were down 83 cents per barrel at $39.19 upon the closed of pit trading in the grains. The US dollar index was slightly up during the close of the grain's trading session. Drier weather conditions in Argentina and Brazil are forecasted to continue to inhibit corn crops there. This was supportive to US corn futures, yet outside markets influences were mixed support to corn futures. The USDA is scheduled to release its 5-year adjustments of US and world supply and demand numbers tomorrow afternoon. The USDA Hogs & Pigs report showed smaller than expected market hog numbers, which is not bullish for corn demand. March corn closed at $3.96 3/4 , up 2 3/4 cents; July corn closed at $4.17, up 2 3/4 cents.
Soybeans
January soybean complex settled mixed this trade session. January soybeans and soy meal futures settled higher, while January soy oil futures settled lower. A weakness in the US dollar earlier during grain trading, and continued dry weather conditions forecasted in Argentina and Brazil lent strength to US soybean futures. Higher meal futures also boosted product value for soybeans despite a little drag from the bean oil. Crude oil futures were trading lower than $40 per barrel during grain pit trading and closed lower. That weighed on the bean oil via biodiesel margins. January soybean settled at $9.45 3/4, up 7 1/4 cents; January soy meal settled at $298.00, up 59 cents; January soy oil settled at $32.11, down 10 cents.
Wheat
March wheat futures in Chicago, Kansas City, and Minneapolis finished higher at the close of the trading session. A weakened in the US dollar earlier, a lower crude oil, and gains in the equities markets provided bullish support to wheat and the other grains. Saudi Arabia announced plans to tender for 500,000 tonnes of hard wheat which would be helpful to US wheat exports. Pakistan via the TCP, has issued to purchase 250,000 tonnes of wheat from the US. These potential US wheat export news contributed to wheat's gains today. CBOT March wheat finished at $6.04 3/4, up 12 3/4 cents; KCBT March wheat finished at $6.21 3/4, up 10 3/4 cents; MGEX March wheat finished at $6.55, up 10 cents.
