CBOT Closing Comments
Corn
Corn climbed steadily higher throughout the session Friday with March corn closing just 2 cents off the days highs at $3.91, up 25 3/4 cents. Informa Economics pegged 2009 corn plantings at 82.7 million, more than 3 million below last season's 86 million acres. Drought in Argentina and Brazil continues to threaten corn crops there, whilst Arctic-like temperatures in the US may boost corn demand for feed. Nearby crude oil futures earlier this session were lower on the day, but closed higher.
Soybeans
Beans also closed just a couple of cents off session highs, with March finishing at $10.20, up 25 1/2 cents. Drought and searing temperatures in Argentina are now becoming a very serious threat. China reminded everyone that it hasn't gone away just yet, buying 116,000mt of US beans according to the USDA, in addition a further 125,000mt was sold to unknown destinations. Informa Economics pegged 2009 U.S. soybean plantings at 80.8 million acres, down 0.7 million from it's December estimate of 81.5 million.
Wheat
March CBOT wheat settled at $5.78 1/4 , up 9 1/2 cents supported by spillover strength from the other grains. Successive days of Arctic-like winter cold in the Midwest impacting the dormant wheat crops there provided bullish support to wheat futures. Monday's USDA winter wheat plantings remain supportive, but recent very poor export sales kept a lid on wheat's attempts to rally too far.
Corn climbed steadily higher throughout the session Friday with March corn closing just 2 cents off the days highs at $3.91, up 25 3/4 cents. Informa Economics pegged 2009 corn plantings at 82.7 million, more than 3 million below last season's 86 million acres. Drought in Argentina and Brazil continues to threaten corn crops there, whilst Arctic-like temperatures in the US may boost corn demand for feed. Nearby crude oil futures earlier this session were lower on the day, but closed higher.
Soybeans
Beans also closed just a couple of cents off session highs, with March finishing at $10.20, up 25 1/2 cents. Drought and searing temperatures in Argentina are now becoming a very serious threat. China reminded everyone that it hasn't gone away just yet, buying 116,000mt of US beans according to the USDA, in addition a further 125,000mt was sold to unknown destinations. Informa Economics pegged 2009 U.S. soybean plantings at 80.8 million acres, down 0.7 million from it's December estimate of 81.5 million.
Wheat
March CBOT wheat settled at $5.78 1/4 , up 9 1/2 cents supported by spillover strength from the other grains. Successive days of Arctic-like winter cold in the Midwest impacting the dormant wheat crops there provided bullish support to wheat futures. Monday's USDA winter wheat plantings remain supportive, but recent very poor export sales kept a lid on wheat's attempts to rally too far.
