CBOT Closing Comments


May corn settled at $3.90 ½, down 1 cent. Corn seems to be a bit of a bystander at the moment, with wheat & soybeans holding centre stage. Until we get a clearer picture of how many acres US farmers will plant this season, that seems likely to remain the case. US weather doesn't look too kind at the moment for early planting progress. Firmer crude oil supported, although a stronger dollar capped gains.


May soybeans finished at $9.13, up 2 cents; November soybeans finished at $8.61, up 10 ½ cents. Not a great deal of fresh news. Firmer crude oil, tight 2008/09 ending stocks and ongoing tensions in Argentina supported beans. A steadier dollar limited gains. Cash soybean bids were steady to firm with only light farmer selling.


May CBOT wheat closed at $5.52 ½, up 8 ¼ cents. Wheat was the leader today on continued concerns over the state of health of the US crop on the Plains. Good/excellent conditions in Kansas, the largest producing state, dropped three points Monday, according to the USDA. Firmer equities and crude oil lent some further support, although a stronger dollar made sure that futures didn't get too carried away.