CBOT Closing Comments


March soybean futures closed at USD9.41 ½, down 14 cents, November soybean futures were at USD9.29 ½, down 5 ¼ cents, March soymeal futures at USD272.10, down USD4.80, and March soy oil futures at 38.53, down 52 points. Export sales were also below trade estimates at 239,091 MT for 2009/10 delivery and 39% below the previous four week average. There were also some small sales for 2010/11 marketing year amounting to 2,900 MT. China were back, but only for a relatively small quantity, booking 177,700 MT of that. Export shipments were the same as last week at 1,121,950 MT, china taking 666,300 MT.


March corn futures closed at USD3.72 ¼, down 3 cents, and May corn futures at USD3.83 ¼, down 3 cents. The weekly export sales report showed net combined sales for the 2009/10 and 2010/11 marketing year at 451,273 MT. Export shipments were a marketing year high at 1,240,600 MT with Japan, South Korea and Mexico the main destinations. The Buenos Aires Grain Exchange upped their forecast of this season's corn crop in Argentina to 20.2 MMT from 19.3 MMT last week.


March CBOT wheat futures closed at USD4.89 ¾, down 10 ½ cents, March KCBT wheat futures ended at 4.96 ¾, down 8 ½ cents, and March MGEX wheat futures at USD5.03, down 9 ¾ cents. Export sales were below analyst's estimates at 375,654 MT for 2009/10 and 33,250 MT for 2010/11 delivery. Export shipments were 459,716 MT, with the primary destinations Nigeria (112,500 MT), the Philippines (76,600 MT), Japan (67,000 MT), Mexico (53,600 MT), Iraq (51,200 MT), and Guatemala (27,500 MT).