CBOT Closing Comments


Jan soybeans closed at USD10.38 up 9 cents, Jan soymeal at USD314.90, up USD4.50 and Jan soyoil at 39.43, down 20 points. Beans managed to follow through from Monday's gains, and has now reversed more than half of December's losses. Fund buying was estimated at around 4000 contracts on the day. Volume was thin as participants stand aside in typical holiday trade.


Mar corn closed at USD4.17, up 1 cent, December corn ended at USD4.45 1/4, down 1/2 cent. US corn losses could amount to as much as 100 million bushels this season, with a severe winter storm meaning very little has been harvested this week, analyst say. Normally the US corn harvest would be well over and done with by now.


Mar CBOT wheat ended at USD5.41, down 9 3/4 cents, Mar KCBT wheat at USD5.38, down 8 cents and Mar MGEX wheat at USD5.49, down 7 3/4 cents. Speculative funds increased their net short positions in CBOT wheat futures and options to 37,258 contracts as of Dec. 22 from 19,530 contracts a week earlier, the CTFC revealed. Analysts estimate that a further 2,000 contracts were added to that short today.