CBOT Closing Comments
Corn
March corn settled at $3.57 ¼, up 4 ½ cents. US export inspections for the week ending March 5 came in at 40.6 million bushels, well above trade expectations. Crude oil was also higher which helped corn, although a firmer dollar put a lid on potential gains. Brazil will produce 14% less corn this season, according to CONAB, with the harvest coming in at 50.3mmt. Corn ending stocks are expected to increase slightly in Wednesday's USDA report.
Soybeans
March soybeans finished at $8.81, up 2 cents. Cash soy bids around the Midwest and Gulf are firm with light farmer selling. This sign of stronger US soy cash markets gave additional support to soy complex futures. Stronger crude oil also lent support, although a firm dollar limited gains. CONAB said that the Brazilian soybean crop will come in 4% or 2.3mmt lower than last season at 57.6mmt. Some private estimates say that 55mmt is nearer the mark. Tomorrow's meeting between the Argy government and farm leaders may provide a few pointers. US ending stocks are expected to decrease slightly in Wednesday's USDA report.
Wheat
March CBOT wheat closed at $5.13, down 3 ¼ cents. Bearish pressure came from updated weather forecasts calling for chance of showers during the next few days in drought-stricken HRW wheat crops areas of the southern Plains. Lower US and Canadian output for 2009 supports, although America continues to miss out on many of the sizable global import tenders.
March corn settled at $3.57 ¼, up 4 ½ cents. US export inspections for the week ending March 5 came in at 40.6 million bushels, well above trade expectations. Crude oil was also higher which helped corn, although a firmer dollar put a lid on potential gains. Brazil will produce 14% less corn this season, according to CONAB, with the harvest coming in at 50.3mmt. Corn ending stocks are expected to increase slightly in Wednesday's USDA report.
Soybeans
March soybeans finished at $8.81, up 2 cents. Cash soy bids around the Midwest and Gulf are firm with light farmer selling. This sign of stronger US soy cash markets gave additional support to soy complex futures. Stronger crude oil also lent support, although a firm dollar limited gains. CONAB said that the Brazilian soybean crop will come in 4% or 2.3mmt lower than last season at 57.6mmt. Some private estimates say that 55mmt is nearer the mark. Tomorrow's meeting between the Argy government and farm leaders may provide a few pointers. US ending stocks are expected to decrease slightly in Wednesday's USDA report.
Wheat
March CBOT wheat closed at $5.13, down 3 ¼ cents. Bearish pressure came from updated weather forecasts calling for chance of showers during the next few days in drought-stricken HRW wheat crops areas of the southern Plains. Lower US and Canadian output for 2009 supports, although America continues to miss out on many of the sizable global import tenders.
