CBOT Closing Comments


March soybeans ended 11 cents lower at USD9.40 1/2 a bushel, March soymeal settled at USD3.40 lower at USD283.00, and March soyoil fell 21 points to 36.50 cents per pound. Selling came in right on the opening and beans dropped sharply cents in the first 15 minutes. Soybean export inspections were good at 42 million bushels. Informa say that US farmers will plant 77.92 million acres of soybeans in 2010, Allendale say 79.25 million acres, both would be an increase in this season.


March corn ended up 3 cents at USD3.67 3/4 per bushel, and May corn ended up 3 1/4 cents at USD3.78 3/4. Corn inspected for export was about 30% less than last week at 20 million bushels. Nevertheless corn took a breather from recent sharp declines. On Friday Informa said that US farmers would plant 89.65 million acres of corn this year. Allendale say 90.83 million acres, both are a significant increase on last year and the second highest area on record.


CBOT wheat ended down 1/4 cent at USD4.98 1/4, KCBT March wheat fell 1 cent to USD5.01, and MGE March wheat tumbled 1/4 cent to USD5.12 1/4. Wheat export inspections were 1almost 17 million bushels, coming in just over what was needed to stay on pace with the USDA's projections for the current marketing year. Exports are still behind schedule to hit the USDA's relatively modest target this season of 22.5 MMT with only 19 weeks of the marketing year left to go.