CBOT Closing Comments
Corn
March corn futures closed lower in today's session. Rainfall and lower temperatures in Argentina today and forecasts for more rains later in the week provided bearish pressure to US corn futures. The past few trading sessions, Argentine drought and weather has dominated its influence to corn futures, since Argentina is one of the largest global exporter of corn and soy. Nearby crude oil futures closed sharply lower due to this morning release of consumer confidence. This gave further pressure to corn futures. A firming US dollar index during corn trading gave supplemental pressure to corn futures. March corn closed at $3.77 1/2, down 16 1/4 cents.
Soybeans
March soy complex settled lower. Rainfall across the weekend in Argentina, and forecasts for more rain later gave enough bearish pressure to have soy complex trade then close with losses. Soy meal and oil closed lower as well from spillover from soybeans. Due to the observances for a week for Lunar New Year's, palm oil wasn't traded, thus not providing any potential support to soy oil. Crude oil futures closed lower which is bearish for soy oil and in turn soybeans. Recent news indicating the impacts of the current recession provided bearish sentiment to commodities, thus adding ot the pressure to soy and grains. March soybean settled at $9.76, down 33 cents.
Wheat
March wheat futures in all three grain exchanges finished lower for the day. Main bearish pressure came from spillover from corn and soy due to improved and forecasts of further improvement in weather for Argentina. Macroeconomic factors such as consumer confidence released this morning further supported a US economy in recession. Bearish sentiment spilling over from outside markets in response gave additional pressure to wheat and grains. A firming US dollar index during wheat trading supplemented to the parade of bearish news. Continued concerns over HRW wheat crops in Oklahoma and Texas provided some limits to wheat's losses. March CBOT wheat finished at $5.84 3/4, down 7 3/4 cents.
March corn futures closed lower in today's session. Rainfall and lower temperatures in Argentina today and forecasts for more rains later in the week provided bearish pressure to US corn futures. The past few trading sessions, Argentine drought and weather has dominated its influence to corn futures, since Argentina is one of the largest global exporter of corn and soy. Nearby crude oil futures closed sharply lower due to this morning release of consumer confidence. This gave further pressure to corn futures. A firming US dollar index during corn trading gave supplemental pressure to corn futures. March corn closed at $3.77 1/2, down 16 1/4 cents.
Soybeans
March soy complex settled lower. Rainfall across the weekend in Argentina, and forecasts for more rain later gave enough bearish pressure to have soy complex trade then close with losses. Soy meal and oil closed lower as well from spillover from soybeans. Due to the observances for a week for Lunar New Year's, palm oil wasn't traded, thus not providing any potential support to soy oil. Crude oil futures closed lower which is bearish for soy oil and in turn soybeans. Recent news indicating the impacts of the current recession provided bearish sentiment to commodities, thus adding ot the pressure to soy and grains. March soybean settled at $9.76, down 33 cents.
Wheat
March wheat futures in all three grain exchanges finished lower for the day. Main bearish pressure came from spillover from corn and soy due to improved and forecasts of further improvement in weather for Argentina. Macroeconomic factors such as consumer confidence released this morning further supported a US economy in recession. Bearish sentiment spilling over from outside markets in response gave additional pressure to wheat and grains. A firming US dollar index during wheat trading supplemented to the parade of bearish news. Continued concerns over HRW wheat crops in Oklahoma and Texas provided some limits to wheat's losses. March CBOT wheat finished at $5.84 3/4, down 7 3/4 cents.
