CBOT Closing Comments


January soybean futures expired today at USD9.68 ½, down 15 cents, with March beans closing at USD9.84, down 8 ½ cents. January soymeal futures expired at USD299.00, down USD1.50 and January soy oil futures expired at 37.80, down 83 points. The NOPA December soybean crush was above expectations at 164.4 million bushels. Weekly export sales came in in line with expectations at 754,100 MT, with China once again the leading protagonist taking 528,100 MT of that. Shipments were 1,623,100 MT up 27% from the four week average.


March corn futures closed at USD3.81, down 3 cents, and May corn futures at USD3.91 ¾, down 3 1/4 cents. Weekly corn sales were a bit disappointing at 327,300 MT, export commitments are still large enough to meet or beat the USDA's projections, but the pace of shipments is lagging. South Korea bought 110,000 MT of either US or South American corn overnight. Talk of fund buying/rebalancing helped keep futures from falling too much further today.


March CBOT wheat futures closed at USD5.27 ¾, down 9 ¼ cents, March KCBT wheat futures ended at USD5.27, down 9 ½ cents, and March MGEX wheat futures at USD5.36 ¾, down 7 1/4 cents. Wheat weekly export sales of 181,900 MT were poor. World stocks are increasing and the US keeps missing out on any competitive export tenders. Japan booked 91,000 MT of wheat in its usual weekly tender today with 70,000 MT of that US origin, but apart from that the US is struggling to meet it's export target for 2009/10.