CBOT Closing Comments


March soybean futures closed the day at USD9.74, down 10 cents, March soymeal futures at USD291.70, up USD1.30, and March soy oil futures at 37.53, down 100 points. Beans closed 48 cents lower for the week. China say that they will import around 4.5 MMT of soybeans in January, not quite as much as December but a pretty impressive number nonetheless. Record large production from just about every corner of South America looms.


March corn futures closed at USD3.71 ½, down 9 ½ cents, and May corn futures USD3.82 ½, down 9 ¼ cents. Corn closed 52 cents lower for the week after the USDA surprisingly increased their US corn production estimate Tuesday. Weak outside markets added to corn's woes, prices have closed lower every day this week. Thursday's export sales were sluggish at 327,300 MT. Now that index fund rebalancing is over, what is going to support corn next week?


March CBOT wheat futures closed at USD5.10, down 17 ¾ cents, March KCBT wheat futures at USD5.12, down 15 cents, and March MGEX wheat futures at USD5.20 ½, down 16 ¼ cents. on the week as a whole CBOT futures were down a whopping 59 cents. US export sales continue to lag, and stocks consequently are building, with the US stocks to usage is now pushing 50%.