CBOT Closing Comments


May Soybeans closed at USD9.61 ¾, up 2 ¼ cents; May Soybean Meal at USD270.20, up USD0.30/tonne; May Soybean Oil at 39.30, up 5 points. Informa raised their acreage estimate for 2010 US soybean plantings to 78.6 million from the January estimate of 77.9 million acres. That equates to an increase of 1.5% on last year's 77.5 million acres. Allendale peg the figure higher still at 79.1 million, which gives a potential crop of 3.338 billion bushels using trendline yields, second only to last season's 3.359 billion bushel output.


May Corn futures closed at USD3.74 ½, down 1 ½ cents; December Corn futures at USD4.03 ½, down 1 ¾ cents. Informa forecasts corn acres at 88.4 million for 2010 plantings, Allendale say 90.2 million. Last season was 86.5 million, according to the USDA, so either way it looks like a lot more corn is going into the ground this spring. That is if Mother Nature cooperates of course, so far she has been anything but amenable. Allendale's figures project a potential record corn crop of 13.243 billion bushels, even allowing for yields dropping back to a "more normal" 160.42 bu/acre.


May CBOT Wheat finished at USD4.83 ¾, down 5 ½ cents; May KCBT Wheat at USD4.92, down 3 cents; May MGEX Wheat at USD5.09 ¼, down 5 ¼ cents. Informa peg all wheat plantings for 2010/11 at 53.7 million acres, compared to 59.1 million acres estimated by the USDA for 2009/10. The USDA will release the 2010/11 estimates on March 31st. Allendale say that wheat acres will total 53.5 million, producing a crop of just under 2 billion bushels, or around 54 MMT, more than 10% down on last year's 60.3 MMT crop.