CBOT Closing Comments


March soybean futures closed at USD9.37 ½, up 13 cents, March soymeal futures at USD276.40, USD5.80 higher, and March soy oil futures at 38.27, down 11 points. Crude oil was higher and the dollar a tad weaker, which aided a recovery from yesterday's losses. Soybean stocks at selected terminals and elevators were down 1.027 million bushels from the previous week at 27.434 million bushels.


March corn futures closed at USD3.61 ¾, up 3 ¼ cents, and May corn futures at USD3.73 ¼, up 3 cents. Corn stocks for export at selected terminals and elevators were at 93.411 million bushels, down 2.5 million bushels from last week. Higher usage for corn from the US ethanol sector, revealed in yesterday's USDA report, helped underpin the market today. Increased production from Argentina, raised by by 2.2 MMT from last month's report, is seen capping any price rises.


March CBOT wheat futures finished the day at USD4.96 ¾, up 14 ½ cents, March KCBT wheat futures at USD5.05 ¾, up 15 ¾ cents, and March MGEX wheat futures at USD5.15 ¼, up 9 ¼ cents. The recent rise in the dollar relative to the Euro makes French wheat more attractive to wheat importers, drawing down French stocks according to the French farm office. Stocks at selected US elevators and terminals were at 190.12 million bushels down from last week by 2.8 million bushels.