CBOT Closing Comments
Corn
March corn finished at $3.52 ¾, up 3 ½ cents. Crude oil closed around $2/barrel firmer, which helped corn, as did the US employment data forcing to dollar lower. Also supportive is continued uncertainty over the Argy farmers dispute with the government. Even just the threat of a strike may be enough to put buyers off, sending a little bit of extra export business to the US.
Soybeans
March soybeans closed at $8.79, up 16 ½ cents. As with corn support came from crude, the dollar and the Argy situation. US farmers are reluctant sellers at the moment sending spot bids and basis higher as physical supplies get squeezed. If Argy farmers loose their patience next week nearbys could go higher yet. With the Argy peso declining farmers there see little incentive to sell old-crop beans at the moment and stump up the 35% tax.
Wheat
March CBOT wheat settled at $5.16 ¼, up 12 ¼ cents. Wheat benefited from spillover strength from soybeans, and remaining concerns over the state of the US crop on the Southern Plains. Little or no rain has fallen in parts of Kansas, the largest US producer, in the past 90 days, according to the US National Weather Service. Reports of farmers in some areas "burning down" wheat crops in readiness to plant corn instead may make harvested acres considerably lower than planted acres. And they were already down 5 million as it was.
March corn finished at $3.52 ¾, up 3 ½ cents. Crude oil closed around $2/barrel firmer, which helped corn, as did the US employment data forcing to dollar lower. Also supportive is continued uncertainty over the Argy farmers dispute with the government. Even just the threat of a strike may be enough to put buyers off, sending a little bit of extra export business to the US.
Soybeans
March soybeans closed at $8.79, up 16 ½ cents. As with corn support came from crude, the dollar and the Argy situation. US farmers are reluctant sellers at the moment sending spot bids and basis higher as physical supplies get squeezed. If Argy farmers loose their patience next week nearbys could go higher yet. With the Argy peso declining farmers there see little incentive to sell old-crop beans at the moment and stump up the 35% tax.
Wheat
March CBOT wheat settled at $5.16 ¼, up 12 ¼ cents. Wheat benefited from spillover strength from soybeans, and remaining concerns over the state of the US crop on the Southern Plains. Little or no rain has fallen in parts of Kansas, the largest US producer, in the past 90 days, according to the US National Weather Service. Reports of farmers in some areas "burning down" wheat crops in readiness to plant corn instead may make harvested acres considerably lower than planted acres. And they were already down 5 million as it was.
