CBOT Closing Comments


March soybean futures closed at USD9.51 ½, down 14 cents, November soybean futures at USD9.31 ¾, down 9 ¼ cents, March soymeal futures at US279.40, down USD4.50, and March soy oil futures at 38.75, down 20 points. There is very little fresh news to report today, apart from a correction from Tuesday's gains. NOPA showed a reduction in the crush from the December report for January. Total crushings were 162.39 million bushels compared to last months 164.37 million bushels and 139.1 million bushels from a year ago January.


March corn futures closed at USD3.60, down 7 ¼ cents, with May corn futures at USD3.71 ¾, also down 7 ¼ cents. Thursday's normal weekly export sales report will be delayed until Friday due to the President's Day holiday. Weaker outside markets weighed on corn today as too did yesterday's export inspections report, which indicates that US exports will fail to reach USDA targets for the current marketing year.


March CBOT wheat futures closed at USD4.94 ¾, down 10 ¼ cents, March KCBT wheat futures at USD5.02, down 10 ½ cents, and March MGEX wheat futures at USD5.11, down 9 ½ cents. A strong dollar and weaker crude oil depressed what values from the off, as did a correction from yesterday's strong gains. There is some ongoing discussion between the Argentine government and producers over the lack of wheat milling purchases. Some reports suggest that farmers there will plant even less wheat than their 2009 acreage, which was the lowest in 100 years.