CBOT Closing Comments


May corn settled down 2 cents. Very little fresh news in the market today to guide corn. Crude and the USD were mostly a little firmer, which provided some support. Essentially all eyes are on the Mar 31 USDA planting intentions report, with opinions quite divided as to whether we will see much of a reduction in corn acres in 2009 or not. Early estimates for tomorrow’s weekly export sales report are 500-800MT.


May soybeans finished at $9.15, up 2 cents, whilst November soybeans finished at $8.56, down 5 cents. The nears got support from the ongoing Argy dispute, firmer crude oil and forecast tight ending stocks. The deferred months however were weaker over concerns that US farmers will plant significantly more beans for the 2009 crop. Weekly export sales estimates for tomorrow range 350-900,000MT.


May CBOT wheat closed at $5.30, down 22 1/2 cents. Lack of demand & competitiveness for US wheat was the catalyst to drive wheat sharply lower despite the threat to crops on the Plains. Egypy bought 200,000mt of Russian wheat and Iraq passed on US to buy mostly Australian wheat. Weekly export sales estimates for tomorrow range 200-550,000MT.