CBOT Closing Comments


March soybeans finished at $10.02, up 1 cent, well off session highs of 18 cents higher. Soy futures traded higher most of the day in anticipation of Tuesday’s USDA WASDE report. The average trade estimate for US soy ending stocks is a 20 million cut to 205 million bushels. Chinese buying resurfaced with them booking another 120,000mt beans today. Argentine weather outlook seems dry for the rest of the week.


March corn futures settled slightly higher at $3.77 1/2, up 1/4 cent. Midday weather forecasts for Argentina took a bit of heat out & added a bit of rain. Many analysts however are saying that for corn the damage has already been done. The USDA will likely lower Argy & Braz production estimates tomorrow, but also raise US carryout. South Korea bought 100,000 MT of US corn overnight.


March CBOT Wheat closed at $5.65, up 8 cents ahead of tomorrows USDA WASDE report. No major changes are expected for US wheat carryout or production elsewhere in the world. Iraq bought 350,000mt Canadian, Australian, German and Russian wheat today, whilst Tunisia bought 50,000mt milling wheat from Bunge Ltd. Drought in China and crop concerns in the US added some support as did a weak US dollar.