CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.68 ½, up 6 ½ cents; Nov Soybeans at USD9.45 ½, up 3 ½ cents; May Soybean Meal at USD271.40, up USD1.20/tonne; May Soybean Oil at 39.72, up 42 points. The USDA's weekly export inspections report of 32.1 million bushels was above the upper end of trade estimates. Oil World said last week that US stocks were already "unusually thin" for the time of year, any further increase in shipping delays in South America could make US stocks uncomfortably thin. This would be especially so if we have another late planting season, as looks likely at the moment.
Corn
May Corn futures finished at USD3.70 ½, down 3 ½ cents; December Corn futures at USD4.17 ½, down 4 ¼ cents. The USDA's weekly export inspections report of 41.6 million bushels was also above the upper end of trade estimates. Ethanol finished slightly higher at $1.595/gal. Crude oil had been below USD80/barrel early in the day but managed to close at USD81.25/barrel by the finish.
Wheat
May CBOT Wheat closed at USD4.86 ½, up 2 ½ cents; May KCBT Wheat at USD4.94, up 2 cents; May MGEX Wheat at USD5.11 ¼, up 2 cents. The USDA's weekly export inspections report of 18.8 million bushels was above the upper end of trade estimates. Kansas wheat is now 77% breaking dormancy, up from 60% last week, but still around 2 weeks behind schedule. The USDA estimate Kansas crop conditions are 64% good to excellent.
May Soybeans closed at USD9.68 ½, up 6 ½ cents; Nov Soybeans at USD9.45 ½, up 3 ½ cents; May Soybean Meal at USD271.40, up USD1.20/tonne; May Soybean Oil at 39.72, up 42 points. The USDA's weekly export inspections report of 32.1 million bushels was above the upper end of trade estimates. Oil World said last week that US stocks were already "unusually thin" for the time of year, any further increase in shipping delays in South America could make US stocks uncomfortably thin. This would be especially so if we have another late planting season, as looks likely at the moment.
Corn
May Corn futures finished at USD3.70 ½, down 3 ½ cents; December Corn futures at USD4.17 ½, down 4 ¼ cents. The USDA's weekly export inspections report of 41.6 million bushels was also above the upper end of trade estimates. Ethanol finished slightly higher at $1.595/gal. Crude oil had been below USD80/barrel early in the day but managed to close at USD81.25/barrel by the finish.
Wheat
May CBOT Wheat closed at USD4.86 ½, up 2 ½ cents; May KCBT Wheat at USD4.94, up 2 cents; May MGEX Wheat at USD5.11 ¼, up 2 cents. The USDA's weekly export inspections report of 18.8 million bushels was above the upper end of trade estimates. Kansas wheat is now 77% breaking dormancy, up from 60% last week, but still around 2 weeks behind schedule. The USDA estimate Kansas crop conditions are 64% good to excellent.
