CBOT Closing Comments


March soybean futures closed at USD9.52 ½, up 1 ½ cents, March soymeal futures finished at USD271.00, down USD2.20/tonne, and March soy oil futures at 39.50, down 21 points. Weekly export inspections were higher than anticipated at 40.126 million bushels. Harvesting delays in Brazil, coupled with logistical difficulties in getting their record crop to the ports may be providing some unexpected front-end support.


March corn futures closed at USD3.70 ¾, down 7 ¼ cents, and May corn futures also down 7 ¼ cents at USD3.81 ¾. Anticipated first of month fund buying for corn failed to materialise, which pressured prices later in the session. Crude oil also turned weaker, which along with a firm dollar also weighed on values. Corn inspections for export were down from last week but up from year ago levels.


March CBOT wheat futures closed at USD4.92 ¾, down 13 ¾ cents, March KCBT wheat futures at USD4.99 ½, down 11 ½ cents, and March MGEX wheat futures at USD5.05 ¼, down 11 ½ cents. Wheat inspections for export were down from last week but ahead of last year. Iraq snubbed US wheat in favour of Russian, Canadian and Australian grain over the weekend. A resurgent dollar will do little to help US wheat make inroads into the Middle East.