CBOT Closing Comments


May Soybeans closed at USD9.46 ½, down 6 cents; May Soybean Meal at USD262.60, down USD3.00/ton; May Soybean Oil at USD39.92, down 11 points. A weaker crude oil market and firmer dollar hit beans. The Buenos Aires Grain Exchanged upped it's estimate for Argy soybean production to 54.5 MMT, 70% up on last year and almost 12% higher than the previous record crop of 2006/07. Weekly export sales from the USDA were above trade expectations. The USDA will release the monthly supply demand and crop production report before the opening Friday. Average guesses for soybean ending stocks are 209 million bushels compared to the March USDA number of 190 million bushels.


May Corn futures closed at USD3.48 ¼, down 8 ¼ cents; December Corn futures at USD3.81 ¼, down 7 cents. Corn gave up most of yesterday's gains after the Chinese government said that it would sell some of it's corn reserves domestically to help keep prices down. Even so, some trade companies may still be looking to import corn into the south west of the country, but this is not necessarily going to be US corn. There are potential problems over the GM issue. Weekly export sales of 1,357,800 MT were robust. In Friday's USDA report 2009/10 ending stocks are expect to increase to 1.909 billion bushels, up from a March estimate of 1.799 billion.


May CBOT Wheat closed at USD4.69 ¼, down 6 cents; May KCBT Wheat at USD4.85 ½, down 6 ½ cents; May MGEX Wheat at USD5.03 ¾, down 2 ½ cents. Wheat export sales were 323,700 MT for delivery in 2009/10 and a further 209,700 MT for delivery in 2010/11. That was above pre-report estimates for total sales of 250,000 – 450,000 MT. Of note on the wheat sales was that China featured for the second week running, this time booking 55,600 MT of old crop and 50,600 MT of new crop. Trade estimates for tomorrow's monthly USDA WASDE report for wheat ending stocks average 1.001 billion bushels.