CBOT Closing Comments
Soybeans
Jan Soybeans closed at USD10.29 up 29 ½ cents and November Soybeans at USD10.10, up 20 ¾ cents; Jan Soy meal was at USD310.40, up USD9.00, and Jan Soy oil at 39.63, up 117 points. Strong weekly export inspections (51.9 million bushels), a weaker US dollar, and firmer outside markets helped beans reverse half of December's losses. Fund buying was estimated at around 4000 contracts.
Corn
Mar corn closed at USD4.16, up 7 ½ cents and December corn at USD4.45 3/4, up 5 ½ cents. A winter snowstorm bringing up to two feet of snow was helped propel corn higher with 5% of the crop in the field. That equates to around 38% of carryover. The weaker US dollar and higher energy prices were also supportive.
Wheat
Mar CBOT Wheat was at USD5.50 3/4, up 26 ¼ cents, Mar KCBT wheat at USD5.46, up 24 ½ cents and Mar MGEX wheat at USD5.56 3/4, up 25 ¼ cents. Most contracts closed at their highest levels since early December. Weekly export inspections were only 10.7 million bushels, highlighting the slow pace of US exports following last week's sales of little more than 200,000 NT.
Jan Soybeans closed at USD10.29 up 29 ½ cents and November Soybeans at USD10.10, up 20 ¾ cents; Jan Soy meal was at USD310.40, up USD9.00, and Jan Soy oil at 39.63, up 117 points. Strong weekly export inspections (51.9 million bushels), a weaker US dollar, and firmer outside markets helped beans reverse half of December's losses. Fund buying was estimated at around 4000 contracts.
Corn
Mar corn closed at USD4.16, up 7 ½ cents and December corn at USD4.45 3/4, up 5 ½ cents. A winter snowstorm bringing up to two feet of snow was helped propel corn higher with 5% of the crop in the field. That equates to around 38% of carryover. The weaker US dollar and higher energy prices were also supportive.
Wheat
Mar CBOT Wheat was at USD5.50 3/4, up 26 ¼ cents, Mar KCBT wheat at USD5.46, up 24 ½ cents and Mar MGEX wheat at USD5.56 3/4, up 25 ¼ cents. Most contracts closed at their highest levels since early December. Weekly export inspections were only 10.7 million bushels, highlighting the slow pace of US exports following last week's sales of little more than 200,000 NT.
