CBOT Closing Comments


May Soybeans finally closed at USD9.41, down 33 cents; May Soybean Meal at USD265.80, down USD17.30/ton; May Soybean Oil at USD38.31, down 36 points. Planting Intentions reported by the USDA came to 78.098 million acres, up 2 million acres from last year. March 1st stocks were higher than anticipated at .27 billion bushels. Other bearish news came from suggestions that the recnt Argentine dock workers strike was resolved.


May Corn futures are at USD3.45, down 9 ½ cents; December Corn futures at USD3.76 ¼, down 7 ½ cents. Corn futures posted new annual lows on an increase in grain stocks to 7.7 billion bushels as of March 1st, up 11% from last year. Planting intentions for 2010 at 88.798 million acres are also up significantly from last year's 86 million acres. The Buenos Aires Grain Exchange pegged the Argy corn crop at 21 MMT, up 800,000 MT from their last forecast and an increase of 6 MMT on last year.


May CBOT Wheat closed at USD4.50 ½, down 21 ½ cents; May KCBT Wheat at USD4.61 ¾, down 17 ¾ cents; May MGEX Wheat was at USD4.82, down 18 cents. Even though the USDA's wheat numbers weren't really that bearish, the trade is focusing on March 1st stocks up 30% on a year ago at 1.352 billion bushels. All wheat plantings were down, although not by quite as much as forecast. Heavy losses in soybeans also helped to drag CBOT wheat lower.