CBOT Closing Comments
Soybeans
May soybeans closed at $8.62, down 15 cents. Beans opened higher on strength from reduced ending stocks data from the USDA. However, sharply lower crude oil, which closed 7% down, soon weighed on futures prices. Poor economic news out of China pretty much put paid to ideas that it will lead the global economy out of recession. What soy it does require over the next few months is likely to go the way of South America it seems.
Corn
March corn settled at $3.56, down 10 ¾ cents. As with soybeans, corn got early support from a reduced ending stocks figure from the USDA when a higher one had been anticipated. Also, as with beans, heavily lower crude oil pressured prices lower as the session wore on. Higher global ending stocks data from the USDA also weighed.
Wheat
March CBOT wheat finished at $4.98 ¾, down 24 cents. Unlike the other grains wheat was down from the start pressured by higher ending stocks from the USDA. Global carryout was also raised, adding further downside. The chance of some rain prospects in the drought-affected US Plains also pressured prices lower.
May soybeans closed at $8.62, down 15 cents. Beans opened higher on strength from reduced ending stocks data from the USDA. However, sharply lower crude oil, which closed 7% down, soon weighed on futures prices. Poor economic news out of China pretty much put paid to ideas that it will lead the global economy out of recession. What soy it does require over the next few months is likely to go the way of South America it seems.
Corn
March corn settled at $3.56, down 10 ¾ cents. As with soybeans, corn got early support from a reduced ending stocks figure from the USDA when a higher one had been anticipated. Also, as with beans, heavily lower crude oil pressured prices lower as the session wore on. Higher global ending stocks data from the USDA also weighed.
Wheat
March CBOT wheat finished at $4.98 ¾, down 24 cents. Unlike the other grains wheat was down from the start pressured by higher ending stocks from the USDA. Global carryout was also raised, adding further downside. The chance of some rain prospects in the drought-affected US Plains also pressured prices lower.
