CBOT Closing Coments


March corn finished at $3.43 ½, unchanged. Pretty much nobody has a clue what to do on these markets. Outside influences are heavy, from equities to crude to the dollar, fundamentals are playing second fiddle. Throw in the uncertainties surrounding Argentina in terms of crop production and political disputes and who knows where things will go from here?


March soybeans closed at $8.63, up 14 ½ cents, yet November soybeans closed at $7.91 ¼, down 1 ¾ cents. There was strong nearby support relative to the deferreds from uncertainty surrounding the ongoing dispute in Argentina. Still, there seem to be too many uncertainties to tempt peripheral players back into the market & who can blame them?


Yawn, yawn, nothing new, March CBOT wheat settled at $4.90 ¼, down 4 ½ cents. US crops seem to be deteriorating but export sales are still slack. Russia is the main man & they continue to pick up the bulk of the decent export orders. Some support may arrive from export delays in Australia.