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March corn finished at $3.90 1/4, up 6 3/4 cents. Support came from the release of lower acreage estimates from Argentina for corn, soybeans and lower final production numbers for wheat. The report noted that corn crop areas are forecast to decrease to 3.4 million hectares from 3.5 million, and that high yields are 'unlikely.' Weather in Argentina continues to go from bad to worse meanwhile with only light showers in the forecast, Crude oil also finished higher which added to the bullish tone.


March soybean closed at $10.20 1/2, up 28 1/2 cents. Beans where the leader again today as rains in Argentina continue to be very thin on the ground. A reduced planted area in Argentina was also supportive. The Ag the Secretariat stating that the soy crop area is forecast to be 16.5 million hectares from 17.8 million. USDA AMS this morning reported 37.03 million bushels of soybeans inspected for exports for the week ending 1/15/09. This is an increase of 37.23% from the previous week and an increase of 1.4% from that time last year. This reflects the continuation of strong US soy export demand which provided further bullish support to soy futures.


March CBOT wheat settled at $5.71 3/4, up 21 3/4 cents. Spillover strength from soybeans helped wheat, as did a modest sale of 60,000mt to Egypt. Lower production estimates from Argentina was also supportive as was a slightly weaker dollar.