CBOT Closing Comments
Soybeans
January soybean futures closed USD10.44, down 9 cents, December soymeal futures at USD316.60, down USD4.80, and December soy oil futures at 40.11 cents, down 0.20 points. Outside markets were a disappointment, with crude oil and gold sharply lower and the dollar higher. Brazil's IBGE pegs the 2009-10 soybean crop at 64.9 MMT, Conab say 64.5 MMT. both estimates are well above last season's output of 57.1 MMT. The crop is 85% planted say Celeres. The USDA supply/demand report will be out Thursday, analysts estimate US soybean ending stocks at 235 million bushels, down from 270 million in the last report.
Corn
December corn futures closed at USD3.69 ½, up ¾ cents and March corn futures at USD3.85, down 1 ¼ cents. Over 10% of the US corn crop is still in the fields, and a foot or more of snow on the way for large parts of the Midwest. Martell Crop Projections report that 90% of corn yield losses associated with delayed harvesting occurred after mid November when corn dries much slower. Analysts are estimating 2009/10 corn ending stocks at 1.646 billion bushels for Thursday's USDA supply/demand report, up from 1.625 billion bushels in November. Weak outside markets also limited gains.
Wheat
December CBOT wheat futures ended at USD5.19 ¼, down 7 ¼ cents, December KCBT wheat futures at USD5.20 ½, down 4 cents and December MGEX wheat futures at USD5.33 ¾, down 5 ½ cents. ABARE lowered it's estimate for the Australian wheat crop by 700,000 MT to 22.0 MMT. Japan is looking for 131,000 MT of wheat in a tender Thursday, most of which will be US origin. Wheat ending stocks on Thursday from the USDA are expected to show a modest increase from 885 million bushels in November to 886.
January soybean futures closed USD10.44, down 9 cents, December soymeal futures at USD316.60, down USD4.80, and December soy oil futures at 40.11 cents, down 0.20 points. Outside markets were a disappointment, with crude oil and gold sharply lower and the dollar higher. Brazil's IBGE pegs the 2009-10 soybean crop at 64.9 MMT, Conab say 64.5 MMT. both estimates are well above last season's output of 57.1 MMT. The crop is 85% planted say Celeres. The USDA supply/demand report will be out Thursday, analysts estimate US soybean ending stocks at 235 million bushels, down from 270 million in the last report.
Corn
December corn futures closed at USD3.69 ½, up ¾ cents and March corn futures at USD3.85, down 1 ¼ cents. Over 10% of the US corn crop is still in the fields, and a foot or more of snow on the way for large parts of the Midwest. Martell Crop Projections report that 90% of corn yield losses associated with delayed harvesting occurred after mid November when corn dries much slower. Analysts are estimating 2009/10 corn ending stocks at 1.646 billion bushels for Thursday's USDA supply/demand report, up from 1.625 billion bushels in November. Weak outside markets also limited gains.
Wheat
December CBOT wheat futures ended at USD5.19 ¼, down 7 ¼ cents, December KCBT wheat futures at USD5.20 ½, down 4 cents and December MGEX wheat futures at USD5.33 ¾, down 5 ½ cents. ABARE lowered it's estimate for the Australian wheat crop by 700,000 MT to 22.0 MMT. Japan is looking for 131,000 MT of wheat in a tender Thursday, most of which will be US origin. Wheat ending stocks on Thursday from the USDA are expected to show a modest increase from 885 million bushels in November to 886.
