CBOT Closing Comments


May Soybeans finished the day at USD9.45, up 15 cents; May Soybean Meal at USD261.5, up USD3.90/tonne; May Soybean Oil at 39.37, up 62 points. A sharply lower dollar and firmer crude oil late in the session helped support the entire complex today. already lengthy vessel line-ups in Brazil and talk of a possible dock workers strike in Argentina added a bit of nearby support too.


May Corn futures settled at USD3.66 ¾, up 3 ½ cents; December Corn futures at USD3.96 ¾, up 3 ¾ cents. Forecasts for continued wet and cool weather is also friendly to corn prices. Although temperatures are seen warming up this next few days, that may not be entirely conducive to corn planting as it may encourage rapid snowmelt and flooding. In addition snow is back in the forecasts for next week, seemingly indicating that winter hasn't gone away just yet.


May CBOT Wheat closed at USD4.87, up 7 ¾ cents; May KCBT Wheat at USD4.94 ¾, up 6 ½ cents; May MGEX Wheat at USD5.13 ½, up 6 ¼ cents. The weather seems to be conspiring to threaten winter wheat output, and diminish spring wheat plantings too. Given the heavy spec shorts in the market, wheat remains vulnerable to a sharp upwards correction. Despite Thursday forecasts in the 60's and low 70's for the top winter wheat producing state of Kansas, snow is back on the radar for the weekend.