CBOT Closing Comments


January soybean futures closed at USD9.83 ½, up 14 cents, January soymeal futures ended at USD300.50 up 5.10 points, and January soy oil futures at 38.63, up 37 points. It was a very volatile session, as the trade continues to digest yesterday's USDA numbers. Exactly how the trade can come to any sort of bullish scenario is beyond me. Surely record output from the US, Brazil, Argentina and probably Paraguay & Uruguay must be bearish? Estimates for tomorrow's US weekly export sales range from 750,000 to 850,000 MT.


March corn futures closed at USD3.84, down 8 ½ cents, and May corn futures at USD3.95, down 8 cents. The USDA say that they will re-survey farmers February through March to get a more accurate production output for the 2009/10 corn crop. Futures were well off their lows after yesterday's very bearish production numbers. Crude oil was lower which also weighed on corn, as did carryover weakness from Tuesday's bearish USDA production numbers. Estimates for tomorrows export sales range from between 350,000 and 650,000 MT.


March CBOT wheat futures finished at USD5.37, up 1 ¼ cents, March KCBT wheat futures at USD5.36 ½, up 2 ½ cents, and March MGEX wheat futures at USD5.59 ¾, up 2 cents, The market continues to adjust between sharply lower planted area for next season, and hugely higher ending stocks and reduced export sales for 2009/10. Weekly wheat export sales for tomorrow are estimated between 225,000 and 275,000 MT.