CBOT Closing Comments
Corn
May corn closed at $3.93 ¾ down 1 ¾ cent. Weaker crude oil and US stocks weighed on corn ahead of next week's important planting data from the USDA. Corn acres are expected down a bit from last year, but maybe only half a million or so. Spillover support from soybeans and the Argentine farmers' strike underpinned.
Soybeans
May soybeans closed at $9.67 up 11 ½ cents. Nears gained on deferreds on the back of the Argy strike. Old crop stocks are already tight, and may get further reduced if the strike pushes further export business in the direction of the US. Next Tuesday's USDA planting intentions report is expected to show a significant increase in US acreage this spring.
Wheat
May CBOT wheat finished at $5.35, down 14 ¼ cents. The over-riding factor in the wheat market seems to be the lack of US export sales. Black Sea grain, particularly from Russia remains very competitive as the rouble has lost more than a third against the dollar in the last six months. Lower winter seedings and drought on the Plains are providing some support for the time being.
May corn closed at $3.93 ¾ down 1 ¾ cent. Weaker crude oil and US stocks weighed on corn ahead of next week's important planting data from the USDA. Corn acres are expected down a bit from last year, but maybe only half a million or so. Spillover support from soybeans and the Argentine farmers' strike underpinned.
Soybeans
May soybeans closed at $9.67 up 11 ½ cents. Nears gained on deferreds on the back of the Argy strike. Old crop stocks are already tight, and may get further reduced if the strike pushes further export business in the direction of the US. Next Tuesday's USDA planting intentions report is expected to show a significant increase in US acreage this spring.
Wheat
May CBOT wheat finished at $5.35, down 14 ¼ cents. The over-riding factor in the wheat market seems to be the lack of US export sales. Black Sea grain, particularly from Russia remains very competitive as the rouble has lost more than a third against the dollar in the last six months. Lower winter seedings and drought on the Plains are providing some support for the time being.
