CBOT Closing Comments


January soybean futures closed at USD10.22, down 37 ½ cents, January soymeal futures at USD307.40, down USD9.50, and January soy oil futures at 39.05 cents, down 1.70 points. Outside markets drove the complex lower, as did year-end book squaring. Soybean export shipments of 1,663,100 MT were mostly to China at 1,303,900 MT. That proves that they are still about, although they are widely expected to switch to South America early in 2010.


March corn futures closed at USD3.97, down 13 ¼ cents, May corn futures were at USD4.07 ¾, down 13 ¼ cents. The sharply higher U.S. dollar and lower gold prices had a major impact on commodities despite good export sales today Weekly export sales for corn at 1,227,100 MT - a marketing year high - were well above trade expectations. Wheat and bean sales were in line with expectations.


March CBOT wheat futures closed at USD5.18 ½, down 18 ¾ cents; March KCBT wheat futures at USD5.15, down 15 ½ cent and March MGEX wheat futures at USD5.29, down 15 cents. Japan bought 126,000 MT of wheat - 86,000 MT of that will be US origin. Weekly export sales of 345,000 MT were in line with estimates of 300,000 to 400,000 MT. The main homes were Japan (138,000 MT), Indonesia (68,000 MT) and Nigeria (66,000 MT).