CBOT Closing Comments


May corn closed at $3.81, up 7 ½ cents. A wetter outlook for the US Midwest was seen as further delaying corn plantings, whilst weekly export sales were again very strong at above 1.2 MMT. If exports continue at the kind of pace we have been seeing recently then a reduction in ending stocks is likely from the USDA. Funds bought an estimated 6,000 contract today.


May soybeans finished at $10.37 ¾, down 8 ¼ cents, breaking through the 200 day moving average of $10.57, but unable to hold there. A rainier outlook for the US Midwest might lead to more bean acres this coming season. As with corn, weekly export sales were strong, and with old crop stocks already tight a further downward revision from the USDA might be in order before long. The Argy crop keeps getting lower, the Buenos Aires Grain Exchange have trimmed 3.2 MMT off production in the last fortnight.


May CBOT wheat closed at $5.29 ¼, up 12 ½ cents. Wet weather in the Dakotas continues to hamper spring wheat planting. Minneapolis, where spring wheat is traded, finished up 15 ½ cents. It's a game of two halves further south with Kansas looking like having bumper winter wheat yields, but crops in Oklahoma and Texas decimated by drought and freeze. Weekly export sales reported by the USDA were pretty good.