CBOT Closing Comments


CBOT Jan soybeans ended 12 cents higher at USD10.39, and March soybeans settled 11 1/2 cents higher at $10.44 3/4. Soybeans finished higher after trading lower overnight and in the early part of the morning session. Weekly export sales were bullish soybeans at 1,349,700 MT against expectations of 750,000 and 950,000 MT. Exports of 1,724,200 MT were a marketing-year high, the primary destination (no surprises here) was China at 914,500 MT.


December corn futures closed at USD3.95, down 3 cents; March corn futures at USD4.10 ¾, down 3 cents. Weekly corn sales were poor at 352,900 MT compared to trade estimates of 450,000 to 550,000 MT. Export shipments were 683,200 MT down 10% from last week and 7% from the four week average.


December wheat futures ended at USD5.62 ½, down 3 ¾ cents. Wheat had been heavily down earlier in the session but recovered to close near to unchanged on ideas that wheat is the "undiscovered laggard" of the day. Funds seem to be looking for something to latch onto at the moment, and wheat seems to fit the bill.