CBOT Closing Comments
Soybeans
March Soybeans closed at USD9.52, up 10 ½ cents; March Soybean Meal at USD258.70, down USD0.30/tonne; March Soybean Oil at 40.69, up 72 points. The USDA decreased ending stocks to 190 million bushels from 210 on last months report, and below what was expected by the trade. Brazilian soybean production was forecast higher however at 67 MMT, up 1 million from last month. China bought 110,000 MT of beans for new crop delivery today. Crude oil stocks were bullish which helped drag soybeans higher. Unconfirmed reports that four cargoes of US beans heading for China had been told to turn back took some of the shine off midsession gains however.
Corn
March Corn futures finished at USD3.55 ½, down 3 ¼ cents; May Corn futures closed at USD3.65 ¼, down 3 ½ cents. The USDA decreased yields and production but increased ending stocks with a decline in U.S. exports of 100 million bushels. World corn production for 2009/10 was raised 5.9 MMT with Argentina production increased 3.8 MMT and South Africa production increased by 2.0 MMT. Corn exports were also raised by 2.5 MMT for Argentina and 1.0 MMT for South Africa. Corn planting delays may develop this spring in areas where cumulative fall and winter precipitation was exceptionally heavy, say Martell Crop Projections. The risky areas for planting delays include Iowa, Minnesota, South Dakota and northeast Nebraska. Western Illinois and eastern Missouri are also very wet, they add.
Wheat
May CBOT Wheat closed at USD4.81 ½, down 8 cents; May KCBT Wheat at USD4.91, down 6 ½ cents; May MGEX Wheat at USD5.06 ½, down 4 ¾ cents. USDA raised U.S. wheat ending stocks by 20 million bushels pushing the number to just above a billion bushels. That is the first time that ending stocks have been that high since 1987. Global wheat supplies also increased with higher beginning stocks for Russian and an increase in Argentine production. World stocks are up 60% from the recent low in 2007/08. Egypt passed on US wheat in today's tender, booking one 60,000 MT cargo each of Russian and French wheat.
March Soybeans closed at USD9.52, up 10 ½ cents; March Soybean Meal at USD258.70, down USD0.30/tonne; March Soybean Oil at 40.69, up 72 points. The USDA decreased ending stocks to 190 million bushels from 210 on last months report, and below what was expected by the trade. Brazilian soybean production was forecast higher however at 67 MMT, up 1 million from last month. China bought 110,000 MT of beans for new crop delivery today. Crude oil stocks were bullish which helped drag soybeans higher. Unconfirmed reports that four cargoes of US beans heading for China had been told to turn back took some of the shine off midsession gains however.
Corn
March Corn futures finished at USD3.55 ½, down 3 ¼ cents; May Corn futures closed at USD3.65 ¼, down 3 ½ cents. The USDA decreased yields and production but increased ending stocks with a decline in U.S. exports of 100 million bushels. World corn production for 2009/10 was raised 5.9 MMT with Argentina production increased 3.8 MMT and South Africa production increased by 2.0 MMT. Corn exports were also raised by 2.5 MMT for Argentina and 1.0 MMT for South Africa. Corn planting delays may develop this spring in areas where cumulative fall and winter precipitation was exceptionally heavy, say Martell Crop Projections. The risky areas for planting delays include Iowa, Minnesota, South Dakota and northeast Nebraska. Western Illinois and eastern Missouri are also very wet, they add.
Wheat
May CBOT Wheat closed at USD4.81 ½, down 8 cents; May KCBT Wheat at USD4.91, down 6 ½ cents; May MGEX Wheat at USD5.06 ½, down 4 ¾ cents. USDA raised U.S. wheat ending stocks by 20 million bushels pushing the number to just above a billion bushels. That is the first time that ending stocks have been that high since 1987. Global wheat supplies also increased with higher beginning stocks for Russian and an increase in Argentine production. World stocks are up 60% from the recent low in 2007/08. Egypt passed on US wheat in today's tender, booking one 60,000 MT cargo each of Russian and French wheat.
