CBOT Closing Comments
Soybeans
March soybeans finished 30 1/2 cents higher at $9.80, hitting new highs for the week, on lingering concerns that significant crop damage has already been done in Argentina despite rains earlier this week. The threat of strike and disruptions to grain movements in the country also underpinned futures, especially nearby. The USDA attache in Argentina said that this season's crop would come in at 42.5mmt, 7mmt under the last official USDA estimate. Even at 7mmt under he may be optimistic according to private estimates.
Corn
March corn ended up 13 cents to $3.71 1/4, buoyed by spillover strength from the soy & wheat pits and strong weekly export sales. Weather conditions in Argentina remain a serious concern, more so even than for soybeans. A farmers strike next week is in the offing, if it doesn't happen the it seems like only a matter of time.
Wheat
March wheat rose 19 1/2 cents to $5.61 3/4 a bushel on a correction from recent losses, traders said. Drought in China seems to be affecting wheat crops in particular. There are also concerns for the crop in the US with winter wheat in Oklahoma and Texas in pretty poor condition.
March soybeans finished 30 1/2 cents higher at $9.80, hitting new highs for the week, on lingering concerns that significant crop damage has already been done in Argentina despite rains earlier this week. The threat of strike and disruptions to grain movements in the country also underpinned futures, especially nearby. The USDA attache in Argentina said that this season's crop would come in at 42.5mmt, 7mmt under the last official USDA estimate. Even at 7mmt under he may be optimistic according to private estimates.
Corn
March corn ended up 13 cents to $3.71 1/4, buoyed by spillover strength from the soy & wheat pits and strong weekly export sales. Weather conditions in Argentina remain a serious concern, more so even than for soybeans. A farmers strike next week is in the offing, if it doesn't happen the it seems like only a matter of time.
Wheat
March wheat rose 19 1/2 cents to $5.61 3/4 a bushel on a correction from recent losses, traders said. Drought in China seems to be affecting wheat crops in particular. There are also concerns for the crop in the US with winter wheat in Oklahoma and Texas in pretty poor condition.
