CBOT Closing Comments


May corn closed at $3.69 ½, down 6 ¾ cents. Crude oil had a bad day at the office, down almost 9%, to close at $45.88 a barrel on renewed worries over the US economy. The DJIA was also lower, adding to the negative tone. After the close the USDA reported corn plantings just 5% done, well behind normal for this time of year.


May soybeans closed at $10.18 ½, down 32 ½ cents. Falling crude oil & equities hurt beans today, despite talk of China remaining a keen buyer of US beans. Warmer US weather will help planting progress in the next couple of weeks. A sharply higher dollar also added to soybeans woes.


May CBOT wheat finished at $5.04 ½, down 18 ½ cents. An improved US weather outlook and weaker outside markets pressured wheat from the off. Planting progress for spring wheat is at 6% compared to the five year average of 21% and last year at 19% in the six states that plant 98% of the spring wheat. The USDA said after the close that winter wheat is now rated 27% very poor to poor, that's two points up from a week ago.