CBOT Closing Comments


May Soybeans closed at USD9.52 ½, up 8 cents; Nov Soybeans at USD9.41 ¼, up 9 ½ cents; May Soybean Meal at USD265.60, up USD2.50/tonne; May Soybean Oil at USD40.03, up 26 points. Conab surprisingly trimmed their Brazilian crop estimate slightly to 67.5 MMT. Maybe that validates some private estimates that although this seasons crop will easily set a record, yields in the south are below what farmers had hoped for. Estimates for Thursday's export sales range from 150,000 to 350,000 MT.


May Corn futures closed at USD3.56 ½, up 10 cents; December Corn futures at USD3.88 ¼, up 8 ½ cents. Corn futures jumped as rumours swept the floor that China was looking to import corn. Fund buying was estimated at 15,000 contracts. It would seem that Chinese firms are looking to import 1-2 MMT of corn to the south of the country. China consumes around 159 MMT or corn per annum, according to the USDA, who peg last season's crop at 155 MMT. Some private analysts say that drought cut production last season closer to 145-150 MMT. An ongoing drought in the SW of the country, although not a major corn area, is also a concern.


May CBOT Wheat finished at USD4.75 ¼, up 11 ½ cents; May KCBT Wheat at USD4.92, up 10 ½ cents; May MGEX Wheat at USD506 ¼, up 8 ½ cents. Spillover strength from corn got wheat going, and heavily oversold shorts came in to cover an estimated 5,000 contracts during the session. The USDA are out Friday with their latest stocks report, they are expected to reconfirm US ending stocks at a large 1 billion bushels for 2009/10. World wheat ending stocks will also be under the microscope, last months estimate was 196.8 MMT.