CBOT Closing Comments


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.


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.


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.