CBOT Closing Comments
Soybeans
March soybeans fell 52 1/2 cents to close at $9.03/bushel. Beans have now moved from Monday's high of $10.60 to today's low of $8.99 within a week and a day. A stronger dollar, weaker crude, falling equities and forecast heavy rains for Argentina weighed on the market from the outset.
Corn
March corn ended down 14 cents to $3.49 1/4 per bushel weighed down by outside markets and spillover weakness from soybeans. Rain in Argentina may come too late to help corn but for the time being that doesn't matter. The market is trading on adrenalin, and fear is in the air. Stock markets, weakness in Eastern European financial institutions and how much "medicine" the Japanese Finance Minister has consumed are driving the market for the time being.
Wheat
March wheat lost 20 cents to close at $5.15 1/2 per bushel, largely dragged down by declining soybeans & corn. Weak export demand, a firmer freight market, and a strong dollar combined to send wheat into negative territory. Potential crop losses in the US and China got pushed into the background in a bloody session where outside markets also combines to weigh on grains.
March soybeans fell 52 1/2 cents to close at $9.03/bushel. Beans have now moved from Monday's high of $10.60 to today's low of $8.99 within a week and a day. A stronger dollar, weaker crude, falling equities and forecast heavy rains for Argentina weighed on the market from the outset.
Corn
March corn ended down 14 cents to $3.49 1/4 per bushel weighed down by outside markets and spillover weakness from soybeans. Rain in Argentina may come too late to help corn but for the time being that doesn't matter. The market is trading on adrenalin, and fear is in the air. Stock markets, weakness in Eastern European financial institutions and how much "medicine" the Japanese Finance Minister has consumed are driving the market for the time being.
Wheat
March wheat lost 20 cents to close at $5.15 1/2 per bushel, largely dragged down by declining soybeans & corn. Weak export demand, a firmer freight market, and a strong dollar combined to send wheat into negative territory. Potential crop losses in the US and China got pushed into the background in a bloody session where outside markets also combines to weigh on grains.
