CBOT Closing Comments


May Soybeans closed at USD9.42, up 1 cent; Nov Soybeans at USD9.25 ¾, up 7 ¾ cents; May Soybean Meal at USD365.90, up USD0.10/ton; May Soybean Oil at USD38.98, up 67 points. It was a quiet end to a hectic week, with many participants glad of a long weekend. Export sales of 178,500 MT for delivery in 2009/10 plus sales of 210,000 MT for delivery in 2010/11 were in line with expectations of 350,000 – 550,000 MT. China (66,500 MT) took some of the old crop and 221,000 MT of the new crop. Actual shipments of 1,033,700 MT were robust with China taking 407,000 MT.


May Corn futures finished at USD3.44 ½, down ½ cent; December Corn futures closed at USD3.77, up ¾ cent. Net export sales of 826,100 MT for delivery in 2009/10 plus a further 400 MT for delivery in 2010/11 meant that total sales were above forecasts of 600,000 – 750,000 MT. Shipments fo of 1,214,600 MT were also pretty respectable. "The Argentina Ministry of Agriculture raised its estimate of corn production to 22 MMT, up from 21.5 MMT earlier, based on favourable yield results in the harvest. So far, 42% of the crop has been gathered. The El Nino effect is typically a yield builder for Argentina corn because of the wet signal it produces," says Gail Martell of Martell Crop Projections.


May CBOT Wheat closed at USD4.54 ¾, up 4 ¼ cents; May KCBT Wheat at USD4.70, up 8 ¼ cents; May MGEX Wheat at USD4.89, up 7 cents. Net export sales of 430,600 MT for delivery in 2009/10 plus sales of 53,000 MT for delivery in 2010/11 just beat forecasts for sales of 300,000 – 450,000 MT. Actual shipments of 693,000 MT were a marketing-year high. In addition to that the USDA separately reported a one-off sale of 140,000 MT of 2010/11 wheat to Nigeria today. Despite the fact that the US continue to miss out on sales to some traditionally "normal" locations, they are on track to meet, if not exceed, current USDA projections for the 2009/10 marketing year.