CBOT Closing Comments


May corn closed at $3.965, unchanged on the day. December corn finished at $4.28 down ¼ cent. Sales of 116,000mt of corn were reported to South Korea today, the same quantity as they bought Thursday. US exporters also reported sales of 174,000mt of corn to unnamed buyers, the USDA said. Export sales of 174,000mt of corn for delivery to unknown destinations was also reported. Corn has now finished higher on the week for the last four weeks. The USDA acreage numbers on March 31 are the next "big event" for corn.


May soybeans closed at $9.52, up 11 ½ cents, November soybeans closed at $8.93, up ½ cent. The nears gained on the deferred months due to fears of supply disruptions from Argentina. Even the perceived threat of a strike may be enough to encourage some to switch their requirements to alternative destinations. Beans finished with their biggest weekly gain this year on hopes that "quantative easing" from the US will stimulate demand for commodities. US exporters reported sales of 165,000mt to China.


Wheat futures for May delivery fell 5 cents to $5.5025 a bushel. the chance for rain across the weekend and into the beginning of next week was enough to put wheat under a bit of pressure today. India's harvest seems set to come in unscathed, around unchanged from last season, circa 78mmt, whilst European wheat emerges from dormancy looking pretty good. It remains to be seen whether the weaker dollar, on the back of the $1.2 trillion stimulus package announced Wednesday night, will help US wheat become more competitive on the export stage.