CBOT Closing Comments


May corn closed at $3.73 ½, down ½ cent finishing slightly lower in a neutral stance on both old and new crop today. Estimates for tomorrow’s USDA export sales report are between 800,000 and 1,000,000 MT. An improved weather outlook in the Midwest over the next fortnight should finally enable US farmers to get cracking with corn planting.


May soybeans finished at $10.46, up 8 cents as the spread between old and new crop continues to widen. Tight old crop stocks and the continued presence of China in the market seem set to keep things that way a while yet. Soybean export sales estimates are between 900,000 and 1,100,000 for tomorrow’s USDA report.


May CBOT wheat ended at $5.16 ¾, up 7 ¼ cents. Weather concerns remain as North Dakota has yet to start planting and forecasts for the weekend there are cool and wet. That should continue to delay plantings. Sales estimates are between 300,000 and 400,000 for tomorrow’s USDA report.