CBOT Closing Comments
Corn
March corn futures finished lower this session. Updated weather forecasts this afternoon in Argentina called for a return to hot and dry conditions in corn crop areas for the next 7 days or so, but rain late next week. This continuing weather news item brought some pressure to US corn futures late on the day. Better than expected US corn net exports sales at 1.54 million metric tons for the week ending February 5 provided some support to corn futures. This amount was a new market year high and above analysts’ estimated range of 95,000 to 1.15 million metric tones. A higher US dollar index and lower crude oil futures this session gave additional pressure. Cash corn bids were higher so far on the day with slow farmer selling. March corn finished at $3.66 1/4, down 2 1/4 cents.
Soybeans
March soy complex closed lower in today’s session. November soybeans contracts also closed lower. Updated weather forecasts this afternoon in Argentina called for a return to hot and dry conditions in soy crop areas for the next 7 days or so, but rains late next week. This continuing weather news item brought some pressure to US soy futures late on the day. Better than expected US soybean net export sales at 1.07 million metric tons for the week ending February 5 provided some support to soy futures. This amount was above the analysts’ estimated range of 550,000 to 750,000 metric tons. During that same week soy meal and cake net export sales were near 197,000 metric tons, an increase of 6% from the previous week at 184,000; soy oil net export sales were near 46,000 metric tons, an increase of 354% from the previous week at 10,100, a market year high. A higher US dollar index and lower crude oil futures gave bearish pressure to the soy complex, especially soy oil, limiting gains. Cash soybean bids are steady to higher so far on the day with light farmer selling. March soybeans closed at $9.68 1/2, down 9 1/2 cents.
Wheat
March wheat futures at all three grain exchanges settled lower on the day. This morning the USDA released its weekly export sales for the week ending February 5. US wheat net sales were near 412,000 metric tons, an increase of 26% from the previous week at 327,000. This amount which fell within analysts’ estimated range of 300,000 to 500,000 provides some bullish support to US wheat futures this session. US wheat export outlook indicates growing competition from Northern Europe, Russian and Black Sea wheat exports. Spillover from corn and soy gave some pressure. A higher US dollar index and continued sentiment over the decreased demand for US wheat resulting from the global economic slowdown provided additional bearish pressure.
March CBOT Wheat settled at $5.38 3/4, down 4 1/2 cents.
March corn futures finished lower this session. Updated weather forecasts this afternoon in Argentina called for a return to hot and dry conditions in corn crop areas for the next 7 days or so, but rain late next week. This continuing weather news item brought some pressure to US corn futures late on the day. Better than expected US corn net exports sales at 1.54 million metric tons for the week ending February 5 provided some support to corn futures. This amount was a new market year high and above analysts’ estimated range of 95,000 to 1.15 million metric tones. A higher US dollar index and lower crude oil futures this session gave additional pressure. Cash corn bids were higher so far on the day with slow farmer selling. March corn finished at $3.66 1/4, down 2 1/4 cents.
Soybeans
March soy complex closed lower in today’s session. November soybeans contracts also closed lower. Updated weather forecasts this afternoon in Argentina called for a return to hot and dry conditions in soy crop areas for the next 7 days or so, but rains late next week. This continuing weather news item brought some pressure to US soy futures late on the day. Better than expected US soybean net export sales at 1.07 million metric tons for the week ending February 5 provided some support to soy futures. This amount was above the analysts’ estimated range of 550,000 to 750,000 metric tons. During that same week soy meal and cake net export sales were near 197,000 metric tons, an increase of 6% from the previous week at 184,000; soy oil net export sales were near 46,000 metric tons, an increase of 354% from the previous week at 10,100, a market year high. A higher US dollar index and lower crude oil futures gave bearish pressure to the soy complex, especially soy oil, limiting gains. Cash soybean bids are steady to higher so far on the day with light farmer selling. March soybeans closed at $9.68 1/2, down 9 1/2 cents.
Wheat
March wheat futures at all three grain exchanges settled lower on the day. This morning the USDA released its weekly export sales for the week ending February 5. US wheat net sales were near 412,000 metric tons, an increase of 26% from the previous week at 327,000. This amount which fell within analysts’ estimated range of 300,000 to 500,000 provides some bullish support to US wheat futures this session. US wheat export outlook indicates growing competition from Northern Europe, Russian and Black Sea wheat exports. Spillover from corn and soy gave some pressure. A higher US dollar index and continued sentiment over the decreased demand for US wheat resulting from the global economic slowdown provided additional bearish pressure.
March CBOT Wheat settled at $5.38 3/4, down 4 1/2 cents.
