CBOT Closing Comments


May Corn closed at $4.05 ½, up 1 cent. Corn closed a little better on the day trading on both sides of the market throughout the day and remaining in the consolidation of the past five days. The dollar finished higher as investors search for a less risky place to park their money. Private exporters reported to the USDA, export sales of 116,000mt of corn for delivery to unknown destinations. Of the total 58,000mt is for delivery during the 2008-2009 marketing year and 58,000mt is for delivery during the 2009/2010 marketing year. Changes in destination of 116,000mt of corn from unknown destinations to South Korea for delivery during the 2008/2009 marketing year were announced. Today’s exports for inspection report showed 42.29 million bushels, 11% better than last week. USDA export projections for marketing year 2008/2009 are forecasted at 1.9 billion bushel. Below freezing temperatures are forecast as far south as south central Texas, southern Louisiana, Mississippi and central Alabama.


May soybeans finished at $9.94, down 1 ½ cents. Soybeans met with selling as they reached the $10.00 mark on the May contract in today’s trade. New crop soybeans were much lower than the old crop on ideas there could be a shift in acres to later planting of soybeans due to the recent cold and wet weather in the wheat growing areas. Pessimism seems to have entered the stock markets in the US and abroad with the Dow nearly 100 points lower going into the end of the Monday. Today’s USDA grains inspected for exports report was 16.33 million bushels. Current market year inspections are 10% above the previous year to date numbers.


May CBOT wheat closed at $5.57, down 6 ½ cents. Wheat futures prices closed lower on all three wheat exchanges today. Weekly wheat inspections for export are 16.45 million bushels, about 5% above the previous week. The weather market has begun for wheat with below freezing temperatures in Kansas, Colorado, Nebraska, Oklahoma and south east Texas across to Central Alabama. There are no official crop damage reports as of this writing and probably won’t have anything concrete for a couple of days. Once the weather passes and the temperatures warm up it will be easier to assess the damages. Winter wheat crop condition report out today showed 22% of the crop in poor/very poor condition.