CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.42 ½, down 17 ½ cents; May Soybean Meal at USD265.90, down USD5.00/ton; May Soybean Oil at USD38.70, down 38 points. Dollar strength and crude oil weakness were a major factor behind the decline. Weekly export sales were also disappointing at a combined total of 319,900 MT. Crush data was in line with expectations.
Corn
May Corn futures were at USD3.55, down 10 cents; December Corn futures at USD3.84 ¾, down 9 ¼ cents. Corn closed below the 2010 lows set in February. Weekly exports were in line with trade expectations at 606,800 MT for delivery in 2009/10 . Analysts are estimating U.S. corn stocks at 7.496 billion bushels for March 1st, the largest March stocks number since 1988.
Wheat
May CBOT Wheat closed at USD4.66 ½, down 9 ½ cents; May KCBT Wheat at USD4.76 ¾, down 8 ½ cents; May MGEX Wheat at USD4.97 ¾, down 5 ½ cents. Weekly export sales were decent at a combined 519,200 MT, above expectations of 250-450,000 MT. However another day of a very assertive dollar, following on from news earlier in the week of EU wheat making inroads to SE Asia and South American destinations underlined just how expensive US wheat has become.
May Soybeans closed at USD9.42 ½, down 17 ½ cents; May Soybean Meal at USD265.90, down USD5.00/ton; May Soybean Oil at USD38.70, down 38 points. Dollar strength and crude oil weakness were a major factor behind the decline. Weekly export sales were also disappointing at a combined total of 319,900 MT. Crush data was in line with expectations.
Corn
May Corn futures were at USD3.55, down 10 cents; December Corn futures at USD3.84 ¾, down 9 ¼ cents. Corn closed below the 2010 lows set in February. Weekly exports were in line with trade expectations at 606,800 MT for delivery in 2009/10 . Analysts are estimating U.S. corn stocks at 7.496 billion bushels for March 1st, the largest March stocks number since 1988.
Wheat
May CBOT Wheat closed at USD4.66 ½, down 9 ½ cents; May KCBT Wheat at USD4.76 ¾, down 8 ½ cents; May MGEX Wheat at USD4.97 ¾, down 5 ½ cents. Weekly export sales were decent at a combined 519,200 MT, above expectations of 250-450,000 MT. However another day of a very assertive dollar, following on from news earlier in the week of EU wheat making inroads to SE Asia and South American destinations underlined just how expensive US wheat has become.
