CBOT Closing Comments
Corn
Corn closed firmer but well off session highs. Argy weather pundits remain uncertain as to exactly how much benefit has been derived from scattered weekend rains. Demand from the US ethanol sector is questionable, especially in the light of a weak crude oil market. March corn settled at $3.93 3/4, up 3 1/4 cents.
Soybeans
Beans opened sharply higher but failed to fulfil early promise closing around unchanged to slightly steadier. March soybean finished unchanged at $10.09. Conflicting forecast updates for the week in Argentina weighed on soy futures from midday, pulling back some gains of the morning session. Although US export sales have held up well in recent weeks, Chinese New Year celebrations are likely to curtail demand this week.
Wheat
Wheat performed quite well, buoyed bt news that Iraq will be in the market soon to cover it's wheat requirements up until the end of FH 2009. March CBOT wheat closed at $5.92 1/2, up 9 3/4 cents. Whilst there may still be some doubts over this season's soy & corn crops in Argentina, it is a fact that the wheat crop there has been decimated by drought. There are some concerns over dryness in Kansas and Oklahoma for US wheat.
Corn closed firmer but well off session highs. Argy weather pundits remain uncertain as to exactly how much benefit has been derived from scattered weekend rains. Demand from the US ethanol sector is questionable, especially in the light of a weak crude oil market. March corn settled at $3.93 3/4, up 3 1/4 cents.
Soybeans
Beans opened sharply higher but failed to fulfil early promise closing around unchanged to slightly steadier. March soybean finished unchanged at $10.09. Conflicting forecast updates for the week in Argentina weighed on soy futures from midday, pulling back some gains of the morning session. Although US export sales have held up well in recent weeks, Chinese New Year celebrations are likely to curtail demand this week.
Wheat
Wheat performed quite well, buoyed bt news that Iraq will be in the market soon to cover it's wheat requirements up until the end of FH 2009. March CBOT wheat closed at $5.92 1/2, up 9 3/4 cents. Whilst there may still be some doubts over this season's soy & corn crops in Argentina, it is a fact that the wheat crop there has been decimated by drought. There are some concerns over dryness in Kansas and Oklahoma for US wheat.
