CBOT Closing Comments
Corn
May corn closed at $3.85 3/4, up 1 1/4 cents. Cold and wet weather in the US seems set to put corn plantings behind schedule. Apart from that there is little bullish news in them market for corn. Weekly exports were pretty good at over 1 MMT, but the underlying support for corn is in the ethanol mandate, trade ideas are that this will continue to support corn demand for the foreseeable future.
Soybeans
May soybeans closed at $10.58 ½, up 23 ½ cents. Prices pushed to 3 month highs as concerns over the size of the Argy crop grows, along wit continued Chinese buying of already tight US stocks. The Argy crop continues to shrink, with the Buenos Aires Grain Exchange trimming it's estimate to 37 MMt yesterday.
Wheat
May CBOT wheat closed at $5.24 ¾, up 9 ½ cents. Weekly export sales were disappointing. US weather remains a concern as the assessment of the recent heavy freeze in the Southern Plains is still appraised.
May corn closed at $3.85 3/4, up 1 1/4 cents. Cold and wet weather in the US seems set to put corn plantings behind schedule. Apart from that there is little bullish news in them market for corn. Weekly exports were pretty good at over 1 MMT, but the underlying support for corn is in the ethanol mandate, trade ideas are that this will continue to support corn demand for the foreseeable future.
Soybeans
May soybeans closed at $10.58 ½, up 23 ½ cents. Prices pushed to 3 month highs as concerns over the size of the Argy crop grows, along wit continued Chinese buying of already tight US stocks. The Argy crop continues to shrink, with the Buenos Aires Grain Exchange trimming it's estimate to 37 MMt yesterday.
Wheat
May CBOT wheat closed at $5.24 ¾, up 9 ½ cents. Weekly export sales were disappointing. US weather remains a concern as the assessment of the recent heavy freeze in the Southern Plains is still appraised.
