CBOT Closing Comments


May soybeans closed 8 1/2 cents higher at USD9.44 1/2 a bushel. A firmer dollar was a negative feature, but higher crude oil lent support. Crop production estimates out of South America just keep on coming in higher. Despite the weight of bearish output forecasts, beans are holding up surprisingly well.


May corn finished up 3/4 cent at USD3.46 1/2 per bushel. Weather forecasts are mixed, whilst warmer temperatures are beneficial, wetter conditions are not. Production estimates sure aren't bullish though. The Argentina Ministry of Agriculture raised its estimate of corn production to 22 MMT.


CBOT May wheat closed up 10 cents at USD4.63 1/2 per bushel. KCBT May wheat rose 9 3/4 cents to USD4.81 1/2. MGEX May wheat gained 8 cents to USD4.97 1/2. There wasn't much change to the fundamentals, wheat is heavily oversold and liable to stage these sharp corrections from time to time. US winter wheat conditions are the best for five years.