CBOT Closing Comments
Soybeans
January soybean futures closed at USD10.01 ¾, down 11 ¼ cents, January soymeal futures at USD304.70, down 2.10 points, and January soy oil futures at 39.19cents, down 34 points. Soybeans finished lower for the fourth day in a row in anticipation of an increase in production numbers from the USDA tomorrow. US soybean production will probably be increased to 3.337 billion bushels, from 3.319 billion bushels last month, the trade reckons. Analysts predict ending stocks at 235 million bushels, whilst export inspections were 41 million bushels within trade guesses this morning.
Corn
March corn futures closed at USD4.22 ½, down ½ cent, and May at USD4.33, also down ¼ cent. Analysts are forecasting the USDA will decrease corn production for 2009 because of the wet harvest that left some corn in the field. US output might be cut to 12.821 billion bushels, the trade estimates. Ending stocks will come in at 1.587 billion bushels, analysts say. Today's export inspections were at 20,579,000 bushels, below trade guesses that were between 23 and 28 million.
Wheat
March CBOT wheat futures ended at USD5.72 ½, up 4 cents, March KCBT wheat futures at USD5.66, up 6 cents, and March MGEX wheat futures at USD5.78, up 3 cents. The USDA are seen cutting US winter wheat plantings to 40-41 million acres down from 43.3 million acres a year ago. HRW estimates have acres at 30.414 million, down about 5% from last year with SRW acres at 6.975 million. Analysts are expecting wheat ending stocks to come in at 914 million bushels.
January soybean futures closed at USD10.01 ¾, down 11 ¼ cents, January soymeal futures at USD304.70, down 2.10 points, and January soy oil futures at 39.19cents, down 34 points. Soybeans finished lower for the fourth day in a row in anticipation of an increase in production numbers from the USDA tomorrow. US soybean production will probably be increased to 3.337 billion bushels, from 3.319 billion bushels last month, the trade reckons. Analysts predict ending stocks at 235 million bushels, whilst export inspections were 41 million bushels within trade guesses this morning.
Corn
March corn futures closed at USD4.22 ½, down ½ cent, and May at USD4.33, also down ¼ cent. Analysts are forecasting the USDA will decrease corn production for 2009 because of the wet harvest that left some corn in the field. US output might be cut to 12.821 billion bushels, the trade estimates. Ending stocks will come in at 1.587 billion bushels, analysts say. Today's export inspections were at 20,579,000 bushels, below trade guesses that were between 23 and 28 million.
Wheat
March CBOT wheat futures ended at USD5.72 ½, up 4 cents, March KCBT wheat futures at USD5.66, up 6 cents, and March MGEX wheat futures at USD5.78, up 3 cents. The USDA are seen cutting US winter wheat plantings to 40-41 million acres down from 43.3 million acres a year ago. HRW estimates have acres at 30.414 million, down about 5% from last year with SRW acres at 6.975 million. Analysts are expecting wheat ending stocks to come in at 914 million bushels.
