CBOT Closing Comments (Jan 2nd)
Corn
Nearby corn futures finished trading higher this session. Due to the New Year's Day holiday, there was no overnight trading. Improved weather conditions in South America are forecasted this week, but not enough to alleviate the recent dryness there. This past Wednesday afternoon, the USDA released their 5-year revisions to US acreage and production. The only revision to note for corn is that 2007 production was lowered by 0.3%. That didn't flow through to smaller ending stocks, however. Earlier this morning the USDA released its weekly export sales for the week ending 12/25/08. US corn shipments were at 602,087 MT while net new export sales were at only 269,867 MT. Higher crude oil and equity markets provided the support to nearby corn futures to finish higher. March corn finished at $4.12 1/4, up 5 1/4 cents. December closed at $4.56 1/4, up 4 3/4.
Soybeans
Soy futures closed lower. There was no overnight trading due to the New Year's Day holiday. Crude oil and the US dollar were both trading higher at the close of grain trading. Rains are expected in most of Brazil this week while Argentina will continue some dry conditions. Last Wednesday's USDA 5-year US acreage and production revision report showed revisions to soybean production for 2005 at 0.2% higher and for 2006 at 0.3% higher. Ending stocks were not affected. This morning?s weekly US exports of soybean complex for the week ending 12/25/08: soybeans - shipments were 920,751 MT and sales were 510,643 MT; soy meal & cake shipments were 37,247 and sales were 43,297; soy oil shipments were 1,866 MT and sales were 6,734 MT correction. Product futures were higher, aided by the firmer energy market. January soybean closed at $9.70, down 2 1/4 cents; January soy meal closed at $301.00, up 50 cents; January soy oil closed at $33.58, up 29 cents
Wheat
March wheat futures in Chicago, Kansas City, and Minneapolis ended higher this session. No forecasted cold weather concerns are threatening US wheat crops, but there is some dryness in the southern plains. That's a typical side effect of the La Nina weather pattern. A firming US Dollar Index limited the gains in wheat futures. A higher trading stock market and crude oil at the time of grain's close added to bullish support. This morning's weekly USDA export sales for 12/25/08 reported wheat sales were 418,142 MT and shipments were 177,091 MT. The 5-year revision to US acreage and production released by the USDA last Wednesday reported lowering wheat production for 2004, 2005, 2006, and 2007 at 0.1%, 0.1%, 0.2%, and 0.8% respectively. March CBOT wheat ended at $6.11, up 1/4 cent; March KCBT wheat ended at $6.33 1/2, up 3 1/2 cents; March MGEX wheat ended at $6.55 1/4, up 1/2 cent.
Nearby corn futures finished trading higher this session. Due to the New Year's Day holiday, there was no overnight trading. Improved weather conditions in South America are forecasted this week, but not enough to alleviate the recent dryness there. This past Wednesday afternoon, the USDA released their 5-year revisions to US acreage and production. The only revision to note for corn is that 2007 production was lowered by 0.3%. That didn't flow through to smaller ending stocks, however. Earlier this morning the USDA released its weekly export sales for the week ending 12/25/08. US corn shipments were at 602,087 MT while net new export sales were at only 269,867 MT. Higher crude oil and equity markets provided the support to nearby corn futures to finish higher. March corn finished at $4.12 1/4, up 5 1/4 cents. December closed at $4.56 1/4, up 4 3/4.
Soybeans
Soy futures closed lower. There was no overnight trading due to the New Year's Day holiday. Crude oil and the US dollar were both trading higher at the close of grain trading. Rains are expected in most of Brazil this week while Argentina will continue some dry conditions. Last Wednesday's USDA 5-year US acreage and production revision report showed revisions to soybean production for 2005 at 0.2% higher and for 2006 at 0.3% higher. Ending stocks were not affected. This morning?s weekly US exports of soybean complex for the week ending 12/25/08: soybeans - shipments were 920,751 MT and sales were 510,643 MT; soy meal & cake shipments were 37,247 and sales were 43,297; soy oil shipments were 1,866 MT and sales were 6,734 MT correction. Product futures were higher, aided by the firmer energy market. January soybean closed at $9.70, down 2 1/4 cents; January soy meal closed at $301.00, up 50 cents; January soy oil closed at $33.58, up 29 cents
Wheat
March wheat futures in Chicago, Kansas City, and Minneapolis ended higher this session. No forecasted cold weather concerns are threatening US wheat crops, but there is some dryness in the southern plains. That's a typical side effect of the La Nina weather pattern. A firming US Dollar Index limited the gains in wheat futures. A higher trading stock market and crude oil at the time of grain's close added to bullish support. This morning's weekly USDA export sales for 12/25/08 reported wheat sales were 418,142 MT and shipments were 177,091 MT. The 5-year revision to US acreage and production released by the USDA last Wednesday reported lowering wheat production for 2004, 2005, 2006, and 2007 at 0.1%, 0.1%, 0.2%, and 0.8% respectively. March CBOT wheat ended at $6.11, up 1/4 cent; March KCBT wheat ended at $6.33 1/2, up 3 1/2 cents; March MGEX wheat ended at $6.55 1/4, up 1/2 cent.
