CBOT Closing Comments


Corn opened lower and stayed there. The Energy Department released its Weekly Stocks Report for the week ending January 16. Weekly US Crude Oil Ending Stocks were up 6.1 million barrels, sharply greater than the expected 1.4 million. Losses were limited by the Argy drought although there is some rain in the forecast for Sunday night/Monday morning. March corn closed at $3.87 1/2, down 2 3/4 cents


Beans also finished lower, again the crude oil stocks data was bearish, but Argy weather concerns underpinned. Forecast weekend rains in Argentina may provide some relief for crops, without alleviating underlying drought conditions, analysts said. A return to hot, dry weather in Argentina is forecast by the middle of next week, giving uncertainty of any benefits the rains will bring. March soybean settled at $10.12, down 8 1/2 cents


Wheat remains a follower. Spillover bearish pressure from the outside markets and spillover bearish pressure from corn and soy were the main reasons why wheat futures fell today. Japan and Egypt bought some US wheat in tenders this last day or two which was mildly supportive. March CBOT wheat finished at $5.66 3/4, down 5 cents.