CBOT Closing Comments


Mar CBOT wheat closed at USD5.44 3/4, up 3 3/4 cents; Mar KCBT wheat at USD5.40 1/2, up 2 1/2 cents and Mar MGEX wheat at USD5.51 1/4, up 2 1/4 cents. Wheat closed higher "just because" - the market is heavily oversold and there are plenty of ideas that the funds will be in as big buyers come 2010.


Jan soybeans closed at USD10.36 ¼, down 1 ¾ cents, November beans at USD10.15, down 3 cents, Jan soymeal at USD316.20, up USD1.3, and Jan soyoil at 39.49, up 6 points. An announcement of US soybean sales to China of 348,000 MT by the USDA was supportive, although potential record production out of South America isn't.


Mar corn closed at USD4.13 ¾, down 3 1/4 cents, and December corn at USD4.42, down 3 1/4 cents. Energy futures were higher, with crude topping USD79 on another week of smaller inventories. A trade survey shows modest expectations of 550-800,000 for weekly USDA export sales in the morning.