CBOT Closing Comments


January soybean futures closed at USD10.46, up 4 cents; December soymeal futures at USD315.40, down 0.20 points and December soy oil futures at 39.70, cents, up 0.30 points. Soybeans certainly seem to be the strongest leg of the 'holy trinity' of beans, corn and wheat. Export demand is simply stunning, and keeps on coming, at just eleven weeks into the US 2009/10 marketing year, the USDA have reported soybean sales this season of 26 MMT, 72% of the entire years export target of 36 MMT.


December corn futures closed at USD3.76, down 11 ¼ cents, March corn futures at USD3.92, also down 11 ¼ cents. Corn sales have been nowhere near as robust as soybean sales recently. Traders are positioning themselves for first notice day, the holiday and end of the month accounting. With the late wet harvest vomitoxin concerns have been rearing their head for corn, so far the US authorities say that this won't be a problem this season.


December wheat futures closed sharply lower at USD5.33, down 24 ¼ cents. Wheat planting increased only 3 points from last week to 93% and the date has passed for crop insurance, so it is possible that farmers have planted all the wheat they will for this year. Despite that futures ended sharply lower ahead of Thursday's holiday. US wheat remains a little behind competitiveness in Europe, so must content itself to pick up the scraps elsewhere. Spec funds increased their shorts, selling an estimated 4,000 wheat contracts today.