CBOT Closing Comments


March soybean futures closed at USD9.31 ¾, up 2 3/4 cents, March soymeal futures finished at USD281.60, up 30 cents, and March soy oil futures were at 36.15, down 0.17 points. Soybean sales came in at 673,500 MT for delivery in 2009/10 and a further 183,600 MT for delivery in 2010/11, making 857,100 MT in all. Trade estimates ranged from 700,000 to 900,000 MT. Last week's sales were 990,500 MT. China was the top buyer taking 280,800 MT of old crop and 175,000 MT of new crop. Exports of 1,394,100 MT mostly went to China (875,400 MT).


March corn futures settled at USD3.61 3/4, up 3 1/2 cents, May corn futures settled at USD3.72 3/4, up 3 1/2 cents. Corn sales were 902,300 MT, all for delivery in 2009/10. Exports of 531,800 MT were down 36 percent from the previous week and 33 percent from the prior 4-week average. The primary destinations were Japan (215,500 MT) and Mexico (111,800 MT).


March CBOT wheat futures closed at USD4.87, up 3 1/4 cents, March KCBT wheat futures were at USD4.94 3/4, up 4 1/4 cents, and March MGEX wheat futures at USD5.08 1/2, up 3 3/4 cents. Today's USDA weekly export sales report shows net wheat sales of 660,700 MT for delivery in 2009/10, plus net sales of 28,500 MT for delivery in 2010/11. Sales were therefore a little ahead of trade expectations which were for sales of 450,000 to 650,000 MT.