CBOT Closing Comments

Soybeans

March soybean futures closed at USD9.45, up 2 cents, March soymeal futures at USD280.00, up USD2.60, and March soy oil futures at 37.84, down 0.30 points. Soybeans managed to close up 32 cents on the week. Chinese demand for US soybeans made a possible shift today as they decreased their commitments for 2010/11 soybeans by 57,500 MT. Weekly export sales for soybeans were a marketing year low for the second week running, amounting to just 266,600 MT, below expectations for sales of 300-600,000 MT.

Corn

March corn futures finished at USD3.61 ½, down 1 ¾ cents, and May corn futures at USD3.73 ¼, down 1 ¾ cents. Futures closed around 10 cents higher for the week. Argentina announced that they will allow 10 MMT of corn to be exported in 2010 with excellent growing conditions allowing them to provide adequate stocks for their reserves. Crop production reports out of there are getting bigger by the week. Corn sales from the USDA were in line with expectations at 750,100 MT. US markets will be closed Monday in observance of President's Day.

Wheat

March CBOT wheat futures closed at USD4.86 ½, down 7 cents, March KCBT wheat futures at USD4.94 ½, down 6 ¾ cents, and March MGEX wheat futures at USD5.04 ½, down 6 cents. Futures managed to close the week 2 to 13 cents higher on the various exchanges. Wheat export sales were 548,200 MT for delivery in 2009/10, plus 29,500 MT for delivery in 2010/11, a little above expectations for sales of 300-450,000 MT. China says it is to tighten monetary policy again as they look to slow their rapid growth to keep inflation in check. That could be bearish for commodities in general.