CBOT Closing Comments


May Soybeans closed at USD9.68, down just ½ cent; May Soybean Meal at USD271.90, up USD0.50/ton; May Soybean Oil ended at 39.54, down 18 points. Private exporters reported soybean sales of 120,000 MT for 2010/11 delivery. Celeres say that the Brazilian soybean harvest is 56% done, well ahead of the five year average pace of 41%. Mato Grosso in the north is 88% complete and Parana 62% done, with Rio Grande do Sul in the south just getting started at 6% harvested,


May Corn futures were at USD3.62 ¾, down 8 cents; December Corn futures at USD3.93 ¼, down 7 cents. Taiwan bought 60,000 MT of U.S. corn and South Korea bought 165,000 MT. The weather in the US is forecast to warm up considerably over the next fortnight, which may finally encourage some corn planting further north than the Delta region. Temperatures 12-16 degrees above normal are forecast in the west, ready to spread eastward for the first week of April, according to QT Weather.


May CBOT Wheat closed at USD4.76 ¾, down 9 ¾ cents; May KCBT Wheat at USD4.85, down 9 cents; May MGEX Wheat at USD5.05, down 6 ¼ cents. US wheat is basically too expensive to pick up too many surprise orders on the export front. Talk that France is getting on with sales to Brazil, Peru and Venezuela would appear to confirm this. Even so Monday's USDA export inspections were above anticipated levels, and seem to indicate that the US will meet, and probably exceed, export targets for 2009/10.