CBOT Closing Comments
Corn
March corn futures settled lower in Tuesday's session. Early in the afternoon session, corn futures were slightly higher supported by news concerning continued drought conditions in key corn crop areas of Argentina. Though some crop areas received light precipitation over the weekend, it wasn?t enough to alleviate the harming effects to corn development. A rising US Dollar Index towards the end of corn trading was enough bearish pressure to wipe out early gains and made corn futures settle in negative territory for the day. Ethanol futures settled unchanged to slightly lower this session. March corn settled at $3.83 1/2, down 7 1/2 cents.
Soybeans
March soy complex closed lower this session. March soybeans futures closed lower on the day mainly due to a rising US Dollar Index and developing sentiment that China will soon sharply decrease its purchases of US soy exports. Continued drought conditions in key corn and soy crop areas in Argentina (though some areas received light precipitation this past weekend) wasn't enough bullish support to US soybeans to place soy futures in positive territory. Brazil received much beneficial rains for their soy crop recently. March soy meal futures closed lower partly due to warmer weather in the Midwest following Arctic conditions. This past week the frigid cold weather slowed livestock weight gains. Soy oil closed lower from a rising US dollar Index even though crude oil closed higher in today's session. March soybean closed at $9.92, down 28 cents; March soy meal closed at $309.00, down $7; March soy oil closed at $33.81, down 78 cents.
Wheat
March wheat futures in all three wheat exchanges finished lower for the day. A higher US Dollar Index throughout wheat's trading session was the main bearish pressure to wheat futures. A bearish day in the stock market added further outside market pressure to wheat. Concerns over potential damage to wheat crops in the Midwest have settled off due to warmer and drier weather forecasted this week. This and spillover from corn and soy supplemented the bear pull to wheat futures. March CBOT wheat finished at $5.50, down 28 1/4 cents. March KCBT wheat finished at $5.79 3/4, down 29 1/4 cents; March MGEX wheat finished at $6.29 1/2, down 23 1/4 cents.
March corn futures settled lower in Tuesday's session. Early in the afternoon session, corn futures were slightly higher supported by news concerning continued drought conditions in key corn crop areas of Argentina. Though some crop areas received light precipitation over the weekend, it wasn?t enough to alleviate the harming effects to corn development. A rising US Dollar Index towards the end of corn trading was enough bearish pressure to wipe out early gains and made corn futures settle in negative territory for the day. Ethanol futures settled unchanged to slightly lower this session. March corn settled at $3.83 1/2, down 7 1/2 cents.
Soybeans
March soy complex closed lower this session. March soybeans futures closed lower on the day mainly due to a rising US Dollar Index and developing sentiment that China will soon sharply decrease its purchases of US soy exports. Continued drought conditions in key corn and soy crop areas in Argentina (though some areas received light precipitation this past weekend) wasn't enough bullish support to US soybeans to place soy futures in positive territory. Brazil received much beneficial rains for their soy crop recently. March soy meal futures closed lower partly due to warmer weather in the Midwest following Arctic conditions. This past week the frigid cold weather slowed livestock weight gains. Soy oil closed lower from a rising US dollar Index even though crude oil closed higher in today's session. March soybean closed at $9.92, down 28 cents; March soy meal closed at $309.00, down $7; March soy oil closed at $33.81, down 78 cents.
Wheat
March wheat futures in all three wheat exchanges finished lower for the day. A higher US Dollar Index throughout wheat's trading session was the main bearish pressure to wheat futures. A bearish day in the stock market added further outside market pressure to wheat. Concerns over potential damage to wheat crops in the Midwest have settled off due to warmer and drier weather forecasted this week. This and spillover from corn and soy supplemented the bear pull to wheat futures. March CBOT wheat finished at $5.50, down 28 1/4 cents. March KCBT wheat finished at $5.79 3/4, down 29 1/4 cents; March MGEX wheat finished at $6.29 1/2, down 23 1/4 cents.
