CBOT Closing Comments
Corn
March corn closed at $3.66 ¾, up 9 ½ cents. Corn benefitted from ideas that the ethanol mandate may be raised from 10% to 12-13% or more. Rain-saturated fields around the Midwest due to recent showers which will delay new crop plantings gave some support as well.
Soy
May soybeans settled at $8.79 up 2 cents. Beans gained support from stronger crude and ideas that a mandate for more ethanol inclusion from a pro-ethonal President will help soy demand.
Wheat
Wheat gained on short-covering and a lower US dollar. March CBOT wheat finished at $5.22 ¾, up 9 ¾ cents. Concern remains over US crops in the Southern Plains. Tomorrow's USDA report is expected to show little change for wheat ending stocks.
March corn closed at $3.66 ¾, up 9 ½ cents. Corn benefitted from ideas that the ethanol mandate may be raised from 10% to 12-13% or more. Rain-saturated fields around the Midwest due to recent showers which will delay new crop plantings gave some support as well.
Soy
May soybeans settled at $8.79 up 2 cents. Beans gained support from stronger crude and ideas that a mandate for more ethanol inclusion from a pro-ethonal President will help soy demand.
Wheat
Wheat gained on short-covering and a lower US dollar. March CBOT wheat finished at $5.22 ¾, up 9 ¾ cents. Concern remains over US crops in the Southern Plains. Tomorrow's USDA report is expected to show little change for wheat ending stocks.
