CBOT Closing Comments
Soybeans
January Soybeans closed at USD10.28 1/2, down 15 1/2 cents, December soybean Meal at USD314.20, down USD2.40, and December soybean oil at USD38.90, down 1.21 points. Trade estimates for tomorrow’s weekly export sales report range from 600,000 to 900,000 MT. 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 USD3.68, down 1 1/2 cents, and March corn futures at USD3.83 1/2, down 1 1/2 cents. Estimates range from 450,000 to 900,000 MT for tomorrow’s weekly export sales report. 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 closed at USD5.15 down 4 1/4 cents, December KCBT Wheat at USD5.15 1/2, down 1/2 cent, and December MGEX Wheat at USD5.31 1/4, down 2 1/2 cents. Trade guesses for all wheat ending stocks range from 937 to 800 million bushels with an average guess of 887 million bushels. Export sales estimates range between 300,000 and 500,000 MT for tomorrow’s USDA weekly export sales report.
January Soybeans closed at USD10.28 1/2, down 15 1/2 cents, December soybean Meal at USD314.20, down USD2.40, and December soybean oil at USD38.90, down 1.21 points. Trade estimates for tomorrow’s weekly export sales report range from 600,000 to 900,000 MT. 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 USD3.68, down 1 1/2 cents, and March corn futures at USD3.83 1/2, down 1 1/2 cents. Estimates range from 450,000 to 900,000 MT for tomorrow’s weekly export sales report. 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 closed at USD5.15 down 4 1/4 cents, December KCBT Wheat at USD5.15 1/2, down 1/2 cent, and December MGEX Wheat at USD5.31 1/4, down 2 1/2 cents. Trade guesses for all wheat ending stocks range from 937 to 800 million bushels with an average guess of 887 million bushels. Export sales estimates range between 300,000 and 500,000 MT for tomorrow’s USDA weekly export sales report.
