CBOT Closing Comments


March corn finished at $3.68 1/2, down 8 1/4 cents despite Taiwan buying 116,000mt overnight. Since Tuesday to early Wednesday, heavier than expected showers fell in drought-stricken corn crop areas of Argentina. A return to above normal, hot and dry weather conditions for the remainder of the week to next week are forecast. Some reports suggest that this is too little too late for corn, but for now it is a little early to say for sure. Tomorrow's weekly export sales report estimates are 850,000-1.2 million metric tonnes.


March soybeans closed at $9.78, down 16 cents. More rain in Argentina, concern over the global recession and the US stimulus package weighed on the market from the start. Taiwan purchased 56,000 tonnes of US soybeans, apart from that there was little bullish impetus for beans. Weekly export sales estimates for tomorrow range from 400,000-800,000mmt.


March CBOT Wheat settled at $5.43 1/4, down 12 3/4 cents. A return of market sentiment over the global economic downturn will decrease wheat demand gave bearish pressure to US wheat futures. Showers and snow fell over HRW wheat crop areas in the US plains, benefiting crops there.