CBOT Closing Comments


January soybean futures closed at USD10.55, unchanged; January soymeal futures at USD316.80, up USD0.60, and January soy oil futures at 39.64 cents, up 0.01 points. The USDA announced private exports of 290,000 MT of soybeans sold to China, for 2009/10 delivery. Some reports suggest that December could be a record month for Chinese soybean imports, exceeding the 4.7 MMT brought in in June. Celeres say that soybean planting in Brazil is 91% complete.


March corn futures closed at USD4.07 ½, down 1 cent, May corn futures at USD 4.18 ½, down 1 cent. Harvest is normally at 100% this time of year compared to the 92% reported by the USDA yesterday. Those states that are still significantly behind normal harvest dates are the same states that have had weather issues most of the fall; Illinois at 90%, Michigan at 89%, Minnesota at 91%, North Dakota at 60% and South Dakota at 92%.


March CBOT wheat futures finished at USD5.36 ¾, down 6 ¾ cents, March KCBT wheat futures at USD5.26 ½, down 7 ½ cents,and March MGEX wheat futures at USD5.37 ¼, down 10 ½ cents. The combination of large stocks and slow export demand are a bearish influences on prices. Fund interest seems to have waned in wheat, at least until the new year, without that it is difficult to see wheat rallying much from here.