CBOT Closing Comments
Corn
March corn finished at $3.76 ¾, up 20 ¾ cents. Sharply higher crude oil, which finished more than 9% higher, and a robust weekly export sales number from the USDA helped corn from the start. This morning, the USDA released its weekly export sales report for the week ending March 5. Net sales of US corn exports were 1.09 million metric tonnes, a 38% increase from the previous week and above surveyed analysts’ estimates ranging 400,000 to 800,000 metric tonnes. Continued talk of more demand kicking in from an increase in the ethanol mandate also supported prices throughout the day.
Soybeans
March soybeans closed at $8.99, up 24 cents. the USDA reported soybean weekly export sales of 837,005 metric tonnes which was better than expected from surveyed analysts’ estimates ranging 300,000 to 500,000 metric tonnes. Crude oil was also sharply higher, as too was Wall Street, which also added support.
Wheat
March CBOT wheat settled at $5.15 ¼, up 16 ½ cents. The USDA released its weekly export sales report for the week ending March 5. Net sales of US wheat exports were 362,919 metric tonnes,a 27% increase from the previous week and falling within surveyed analysts’ estimates ranging 200,000 to 500,000 metric tonnes. Spillover strength came from the corn & soy pits, plus firmer crude oil & equities. Wheat also benefited from speculation that a persistent drought will damage crops in parts of the US. Significantly warmer weather over the next few days, with temperatures 15-20 degrees above normal, will stimulate some jointing and making the HRW crop susceptible to an April freeze, warned Allen Motew of QT Weather.
March corn finished at $3.76 ¾, up 20 ¾ cents. Sharply higher crude oil, which finished more than 9% higher, and a robust weekly export sales number from the USDA helped corn from the start. This morning, the USDA released its weekly export sales report for the week ending March 5. Net sales of US corn exports were 1.09 million metric tonnes, a 38% increase from the previous week and above surveyed analysts’ estimates ranging 400,000 to 800,000 metric tonnes. Continued talk of more demand kicking in from an increase in the ethanol mandate also supported prices throughout the day.
Soybeans
March soybeans closed at $8.99, up 24 cents. the USDA reported soybean weekly export sales of 837,005 metric tonnes which was better than expected from surveyed analysts’ estimates ranging 300,000 to 500,000 metric tonnes. Crude oil was also sharply higher, as too was Wall Street, which also added support.
Wheat
March CBOT wheat settled at $5.15 ¼, up 16 ½ cents. The USDA released its weekly export sales report for the week ending March 5. Net sales of US wheat exports were 362,919 metric tonnes,a 27% increase from the previous week and falling within surveyed analysts’ estimates ranging 200,000 to 500,000 metric tonnes. Spillover strength came from the corn & soy pits, plus firmer crude oil & equities. Wheat also benefited from speculation that a persistent drought will damage crops in parts of the US. Significantly warmer weather over the next few days, with temperatures 15-20 degrees above normal, will stimulate some jointing and making the HRW crop susceptible to an April freeze, warned Allen Motew of QT Weather.
