CBOT Closing Comments


March soybean futures closed at USD9.41 ½, up 1 cent; March soymeal futures at USD259.00, down USD0.50, and March soy oil futures at 39.97, up 2 points. The leading soybean provinces turned extremely wet in February receiving 150-200% of normal rainfall. Wetness and warmth produced an ideal environment for fungus disease in Santa Fe, Entre Rios and northern Buenos Aires, say Martell Crop Projections.


March corn futures closed at USD3.58 ¾, down 5 ¾ cents; May corn futures at USD3.69, down 6 cents, and Dec corn futures at USD3.97, down 6 cents. Conab, increased their 2009/10 Brazilian corn crop estimate to 51.38 MMT, matching the numbers out of the University of Missouri. Last trading day for March grains is Friday.


March CBOT wheat futures closed at USD4.78 ½, down 6 cents; March KCBT wheat futures finished at USD4.90 ¼, down 4 ¾ cents; March MGEX wheat futures were at USD5.02, down 3 ½ cents. Analysts are anticipating only a minor reduction in U.S. ending stocks from last months report.