CBOT Closing Comments
Corn
March corn futures settled lower this session. Bearish pressure from lower crude oil futures and a higher US dollar index during trading weighed on corn futures. This morning the USDA released its weekly export sales report for the week ending February 26. Net sales of US corn exports were near 792,000 metric tons, a 76% increase from the previous week and was above trades estimates ranging 450,000 to 750,000 metric tons. Continuing conflicts over the proposed semi-nationalization of the grains trade in Argentina between the government and farmer groups there gave some support to US corn futures. Cash corn bids were mixed around the Midwest earlier on the day. March corn settled at $3.49 ¼, down 6 cents.
Soybeans
March soy complex finished lower for the day. Like corn, bearish pressure from lower crude oil futures and a higher US dollar index during trading weighed on the soy complex. This morning the USDA released its weekly export sales report for the week ending February 26. Net sales of US soybean exports were near 156,000 metric tons, a market year low at a54% decrease from the previous week, and well below trade estimates ranging 400,000 to 700,000 metric tons. Net sales of US soy meal exports were 117,000 MT, a 20% decrease from the previous week and fell within trade estimates ranging 75,000 to 125,000 MT. Net sales of US soy oil exports were near 13,600 MT, a 59% increase from the previous week and above trade estimates ranging 5,000 to 10,000 MT. Continuing conflicts between the Argentine government and farmer groups gave some support to US soy futures. Cash soy bids around the Midwest were mixed earlier today. March soybeans finished at $8.62 ½, down 13 cents.
Wheat
March wheat futures in all three grain exchanges closed lower moving in today’s session. A higher US dollar index and lower US stock market during trading provided pressure to wheat futures. The USDA this morning reported net sales of US wheat exports for the week ending February 26 were 285,000 metric tons, a 39% decrease from the previous week and fell below trade estimates ranging 350,000 to 450,000 MT. Japan reportedly purchased 55,000 MT of US wheat announced earlier. Updated forecasts for the HRW wheat crop areas of Kansas, Oklahoma, and Texas indicated no significant chances of rain for the next week and a half. This weather news item provided some support to wheat, offsetting some losses. March CBOT wheat closed at $5.04, down 7 ¾ cents.
March corn futures settled lower this session. Bearish pressure from lower crude oil futures and a higher US dollar index during trading weighed on corn futures. This morning the USDA released its weekly export sales report for the week ending February 26. Net sales of US corn exports were near 792,000 metric tons, a 76% increase from the previous week and was above trades estimates ranging 450,000 to 750,000 metric tons. Continuing conflicts over the proposed semi-nationalization of the grains trade in Argentina between the government and farmer groups there gave some support to US corn futures. Cash corn bids were mixed around the Midwest earlier on the day. March corn settled at $3.49 ¼, down 6 cents.
Soybeans
March soy complex finished lower for the day. Like corn, bearish pressure from lower crude oil futures and a higher US dollar index during trading weighed on the soy complex. This morning the USDA released its weekly export sales report for the week ending February 26. Net sales of US soybean exports were near 156,000 metric tons, a market year low at a54% decrease from the previous week, and well below trade estimates ranging 400,000 to 700,000 metric tons. Net sales of US soy meal exports were 117,000 MT, a 20% decrease from the previous week and fell within trade estimates ranging 75,000 to 125,000 MT. Net sales of US soy oil exports were near 13,600 MT, a 59% increase from the previous week and above trade estimates ranging 5,000 to 10,000 MT. Continuing conflicts between the Argentine government and farmer groups gave some support to US soy futures. Cash soy bids around the Midwest were mixed earlier today. March soybeans finished at $8.62 ½, down 13 cents.
Wheat
March wheat futures in all three grain exchanges closed lower moving in today’s session. A higher US dollar index and lower US stock market during trading provided pressure to wheat futures. The USDA this morning reported net sales of US wheat exports for the week ending February 26 were 285,000 metric tons, a 39% decrease from the previous week and fell below trade estimates ranging 350,000 to 450,000 MT. Japan reportedly purchased 55,000 MT of US wheat announced earlier. Updated forecasts for the HRW wheat crop areas of Kansas, Oklahoma, and Texas indicated no significant chances of rain for the next week and a half. This weather news item provided some support to wheat, offsetting some losses. March CBOT wheat closed at $5.04, down 7 ¾ cents.
