CBOT Closing Comments
Corn
Corn traded lower, still struggling to shrug off the bearish impact of Monday's USDA report. The viability of the US ethanol industry has always looked shaky, with crude oil at $40/barrel and the world in a massive economic slump, it looks very shaky. This was partially reflected in Monday's, report upping quarterly and year-end stocks and reducing exports. March corn closed at $3.62 1/2, down 18 1/4 cents.
Soybeans
Beans closed higher, reversing some of Monday night's steep losses. South American weather is still a concern, Monday's USDA numbers were not as bearish for beans as they were for corn, and Chinese demand underpins. January soybean closed at $9.69 1/2, up 15 1/2 cents.
Wheat
Wheat futures closed fractionally higher, whilst Monday's old-crop stocks data was bearish, plantings for new-crop were undeniably bullish at 4m acres below last year. Very cold temperatures on the Plains and Midwest are a threat to winter wheat this week, meanwhile dryness in Texas saw NASS drop their good/excellent rating for winter wheat crops two points to just 17%. March CBOT wheat at $5.70 3/4, up 1 cent.
Corn traded lower, still struggling to shrug off the bearish impact of Monday's USDA report. The viability of the US ethanol industry has always looked shaky, with crude oil at $40/barrel and the world in a massive economic slump, it looks very shaky. This was partially reflected in Monday's, report upping quarterly and year-end stocks and reducing exports. March corn closed at $3.62 1/2, down 18 1/4 cents.
Soybeans
Beans closed higher, reversing some of Monday night's steep losses. South American weather is still a concern, Monday's USDA numbers were not as bearish for beans as they were for corn, and Chinese demand underpins. January soybean closed at $9.69 1/2, up 15 1/2 cents.
Wheat
Wheat futures closed fractionally higher, whilst Monday's old-crop stocks data was bearish, plantings for new-crop were undeniably bullish at 4m acres below last year. Very cold temperatures on the Plains and Midwest are a threat to winter wheat this week, meanwhile dryness in Texas saw NASS drop their good/excellent rating for winter wheat crops two points to just 17%. March CBOT wheat at $5.70 3/4, up 1 cent.
