CBOT Closing Comments


March soybean futures closed at USD9.54 ½, up ¼ cents; November soybean futures ended at USD9.42 ½, up 3 ¾ cents; March soymeal futures at USD266.50, down USD4.00/tonne; March soy oil futures at 40.02, up 0.21 points. A weaker dollar and higher crude oil helped prices today, although the market largely appears to be in a state of limbo ahead of the USDA Supply & Demand report on the 10th March. Estimates for tomorrow's weekly export sales report range from 200-350,000 MT.


March corn futures closed at USD3.75 ¾, up 5 ¼ cents; May corn futures at USD3.86 ¾, also up 5 ¼ cents. Warmer Midwest weather next week potentially means heavy snowmelt and potentially more flooding to already sodden areas hoping to plant corn this spring. As with soybeans a weaker dollar and firmer crude oil was helpful. The trade is already looking to next week's S&D report from the USDA where a reduction in corn ending stocks for 2009/10 is being anticipated.


March CBOT wheat futures closed at USD5.03 ½, up 11 ½ cents; March KCBT wheat futures at USD5.09 ½, up 10 ½ cents; March MGEX wheat futures were at USD5.21, up 14 ¼ cents. With a large open spec short position it seemingly doesn't take too much to get wheat to close sharply higher. Analysts are looking for tomorrow's weekly export sales to range from 250-500,000 MT. A weaker dollar was supportive, as too is news that US winter wheat conditions are deteriorating in Kansas, Oklahoma and the Pacific Northwest.