CBOT Closing Comments
Corn
May corn closed at $3.96 ¼, down 9 ¼ cents. Although there are quite a few bullish arguments around for corn at the moment, it seems that outside influences rule. Crude was sharply lower closing below $50/barrel, down more than $2.50 at $48.40/barrel. A firmer dollar and weak stocks added to the bearish tone. Cold and wet conditions throughout much of the US corn belt are delaying plantings and potentially leading to lower US seedings. The average trade estimate for corn ending stocks in Thursday's USDA report is 1.731 million bushels versus 1.74 in March and 1.624 a year ago.
Soybeans
May soybeans finished at $9.89 ½, down 4 ½ cents. As corn is struggling to close above $4 and stay there, beans are doing likewise above $10/bushel. Again, as with corn, there are quite a few bullish indicators around for beans which are getting pushed onto the sidelines for the time being. The USDA report due Thursday should reduce old crop ending stocks towards rather tight 165 million bushels versus 185 in the last report. Conab upped their Brazilian crop estimate a bit to over 58 MMT. Private reports I am reading suggest that thi sis rather optimistic, but I guess we have to live with it.
Wheat
May CBOT wheat closed sharply lower at $5.39 ¾, down 17 ¼ cents. As with the other two main commodities, bullish influences got largely pushed into the background. Potential production losses from a sharp weekend freeze in the US got largely ignored. The average trade ending stocks estimate for Thursday’s Supply & Demand report for wheat is 697 million bushels versus 712 in March and 306 last year.
May corn closed at $3.96 ¼, down 9 ¼ cents. Although there are quite a few bullish arguments around for corn at the moment, it seems that outside influences rule. Crude was sharply lower closing below $50/barrel, down more than $2.50 at $48.40/barrel. A firmer dollar and weak stocks added to the bearish tone. Cold and wet conditions throughout much of the US corn belt are delaying plantings and potentially leading to lower US seedings. The average trade estimate for corn ending stocks in Thursday's USDA report is 1.731 million bushels versus 1.74 in March and 1.624 a year ago.
Soybeans
May soybeans finished at $9.89 ½, down 4 ½ cents. As corn is struggling to close above $4 and stay there, beans are doing likewise above $10/bushel. Again, as with corn, there are quite a few bullish indicators around for beans which are getting pushed onto the sidelines for the time being. The USDA report due Thursday should reduce old crop ending stocks towards rather tight 165 million bushels versus 185 in the last report. Conab upped their Brazilian crop estimate a bit to over 58 MMT. Private reports I am reading suggest that thi sis rather optimistic, but I guess we have to live with it.
Wheat
May CBOT wheat closed sharply lower at $5.39 ¾, down 17 ¼ cents. As with the other two main commodities, bullish influences got largely pushed into the background. Potential production losses from a sharp weekend freeze in the US got largely ignored. The average trade ending stocks estimate for Thursday’s Supply & Demand report for wheat is 697 million bushels versus 712 in March and 306 last year.
