CBOT Closing Comments


May corn closed at $3.74, up 4 ½ cents. Corn futures were higher at the end of the day with traders believing that the weather will interfere with corn planting and crop progress. It doesn't seem too likely to me. Crude oil stabilised, which also helped.


May soybeans ended at $10.38, up 19 ½ cents, erasing much of Monday's losses. China continues to lurk in the wings, buying another 180,000MT of US beans overnight. These purchases are going to keep pushing old crop ending stocks tighter & tighter. Meanwhile not just the Argy crop, but also the Brazilian crop too, keeps getting smaller.


May CBOT wheat finished at $5.09 ½, up 5 cents. Oklahoma, the second largest winter wheat producing state, reports 60% of its crop in poor/very poor condition after the deep freeze of two weeks ago. Texas says that its crop is now 74% rated in the bottom two categories. It's a good job that conditions in top producing state of Kansas are improving.