CBOT Closing Comments


January soybean futures closed at USD10.50 1/2, down 1 ¾ cents, January soymeal futures at USD317.90, down USD1.50, and January soy oil futures at 40.67, down 4 points. The outlook for record large South American crops remains intact. Also talk of Chinese purchases being overdone and cancellations on the horizon weighed on futures today. Trades are estimating tomorrow’s export sales between 600 and 850 thousand MT.


March corn futures closed at USD4.21 ¾, up 3 cents, and May corn futures at USD4.32, up 3 cents. Plenty of US corn still remains out in the field. Trade guesses for tomorrow's weekly export sales report range between 450 and 650 thousand MT. The harsh winter weather in the US helped support crude oil from a demand point of view. Informa increased their production estimates for both China and Argentina.


March CBOT wheat futures closed at USD5.67 1/4,up 14 1/4 cents, March KCBT wheat futures at USD5.60 1/2, up 13 3/4 cents, and March MGEX wheat futures at USD5.71 1/2, up 15 1/4 cents. Export sales estimates for tomorrow range from 250,000 to 450,000 MT. Very cold temperatures across Nebraska and Kansas are a threat to winter wheat. Commodity funds bought an estimated 4,000 contracts of CBOT wheat today.