CBOT Closing Comments


January soybean futures finished at USD10.27, down 1 ½ cents, December soymeal futures at USD313.10, down 1.10 points and December soyoil futures at 39.09 cents, up 0.19 points, USDA increased 2009/10 exports by 15 million bushels, cutting ending stocks to 255 million bushels. A larger cut had been anticipated given the pace of recent exports to China. Weekly export sales of 927,700 MT were a little above expectations, whilst shipments of of 2,067,300 MT were up 59 percent from the previous week, with almost 1.5 MMT heading to China.


December corn futures closed at USD3.77 ¼, up 9 ¼ cents, March corn futures finished at USD3.93, up 9 ½ cents. Corn exports were cut by 50 million bushels and that was added to ending stocks in this morning's monthly USDA Supply Demand report. That gave us ending stocks of 1.675 million bushels, against expectations of 1.650 million bu. Weekly export sales however were robust at 847,700 MT. US weather does not look conducive to getting much of the remaining corn crop into the barn this side of Christmas.


December CBOT wheat futures closed at USD5.17 ¾, up 2 ¾ cents, December KCBT wheat futures at USD5.15, down ½ cent and December MGEX wheat futures at USD5.30, down 1 ¼ cents. The monthly USDA Supply/Demand report out this morning showed a slight increase in ending stocks to 900 million bushels. That was a bit more than the trade had been hoping for, weekly export sales of 245,200 MT were also a tad disappointing. World ending stocks were also raised to 190.91 MMT.