CBOT Closing Comments
Soybeans
May soybeans finished at $9.11, up 34 ½ cents; November soybeans finished at $8.50 ½, up 26 ¾ cents; May soy meal finished at $288.40, up $11.70. Beans gained as the dollar weakened, crude rose and equities rose. US soybeans inspected for export were near 22.42 million bushels, in line with expectations. The primary destination for the soybeans was China. Fund short-covering was a feature ahead of tomorrow's meeting between the government and farm leaders in Argentina. Various private crop production estimates emerging from South America suggest that official output numbers are too high. Brazil will yield around 54-55mmt and Argentina around 40-41mmt, they say, compared to official estimates of 57-58mmt and 42-44mmt.
Corn
May corn settled at $3.91 ½, up 3 cents. Corn benefited from outside influences such as equities, a weak dollar and firmer crude oil despite OPEC leaving output unchanged at the weekend. Weekly export inspections were lower than expected, at 29.039 million bushels, which conspired to make corn the weakest leg of the complex today. The jury is still out on how much corn will be seeded by US farmers this spring, with conflicting numbers emerging from Allendale & Informa Friday. Until that issue becomes clearer sideways trade may be the order of the day.
Wheat
May CBOT wheat closed at $5.44 ¼, up 26 cents. As with corn & soybeans a weaker dollar and firmer crude oil and the Dow Jones IA lent support. Concern for the welfare of US wheat on the Plains also remains after QT Weather reported the driest Jan/Feb since records began in 1895. Wheat rated good/excellent fell 3 points in the top US wheat producing state of Kansas last week, according to the USDA. Funds still hold a large 41,000 short position on CBOT wheat which leaves the market vulnerable to a short-covering rally if some stop-losses get triggered. May closed just half a cent short of a one-month high of $5.45/bushel.
May soybeans finished at $9.11, up 34 ½ cents; November soybeans finished at $8.50 ½, up 26 ¾ cents; May soy meal finished at $288.40, up $11.70. Beans gained as the dollar weakened, crude rose and equities rose. US soybeans inspected for export were near 22.42 million bushels, in line with expectations. The primary destination for the soybeans was China. Fund short-covering was a feature ahead of tomorrow's meeting between the government and farm leaders in Argentina. Various private crop production estimates emerging from South America suggest that official output numbers are too high. Brazil will yield around 54-55mmt and Argentina around 40-41mmt, they say, compared to official estimates of 57-58mmt and 42-44mmt.
Corn
May corn settled at $3.91 ½, up 3 cents. Corn benefited from outside influences such as equities, a weak dollar and firmer crude oil despite OPEC leaving output unchanged at the weekend. Weekly export inspections were lower than expected, at 29.039 million bushels, which conspired to make corn the weakest leg of the complex today. The jury is still out on how much corn will be seeded by US farmers this spring, with conflicting numbers emerging from Allendale & Informa Friday. Until that issue becomes clearer sideways trade may be the order of the day.
Wheat
May CBOT wheat closed at $5.44 ¼, up 26 cents. As with corn & soybeans a weaker dollar and firmer crude oil and the Dow Jones IA lent support. Concern for the welfare of US wheat on the Plains also remains after QT Weather reported the driest Jan/Feb since records began in 1895. Wheat rated good/excellent fell 3 points in the top US wheat producing state of Kansas last week, according to the USDA. Funds still hold a large 41,000 short position on CBOT wheat which leaves the market vulnerable to a short-covering rally if some stop-losses get triggered. May closed just half a cent short of a one-month high of $5.45/bushel.
