CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.52 ¼, up 5 ¾ cents; May Soybean Meal at USD265.30, up USD2.70/ton; May Soybean Oil at USD40.04, up 12 points. The USDA's monthly supply and demand report pegged soybean ending stocks at 190 million bushels, slightly below the average trade guess of 209 million bushels. Soybean exports were forecast to reach 1.445 billion bushels, which would set a new record topping the 2008/09 record by 13%. South American production numbers keep increasing, with the USDA's attache in Brazil raising his soybean estimate to 67.25 MMT.
Corn
May Corn futures closed at USD3.45 ¾, down 2 ½ cents; December Corn futures finished at USD3.78 ¾, down 2 ½ cents. The USDA's monthly supply and demand report pegged corn ending stocks at 1.899 billion bushels, slightly below the average trade guess of 1.909 billion bushels. World corn production was raised 2 MMT from last month, with higher output expected from Brazil and South Africa with good growing conditions this past season. The USDA announced that Mexico had purchased 144,780MT of US corn today, split roughly 50:50 between old crop and new crop. China said it will sell 1 MMT of it's reserves in the NE of the country in an effort to contain rising domestic prices.
Wheat
May CBOT Wheat finished at USD4.65 ¾, down 3 ½ cents; May KCBT Wheat at USD4.83 ½, down 2 cents; May MGEX Wheat at USD5.01 ¼, down 2 ½ cents. The USDA's monthly supply and demand report lowered wheat ending stocks to 950 million bushels, compared to the average guess of 1.001 billion bushels. Higher domestic use and exports were responsible for the decline. World ending stocks were reduced by 1.0 MMT to 195.8 MMT. Commodity funds have sold an estimated 2,000 wheat contracts at CBOT today. Analysts estimate that wheat production in Texas could almost double, despite a 12% decline in winter wheat plantings, after a winter of abundant rainfall and near ideal growing conditions.
May Soybeans closed at USD9.52 ¼, up 5 ¾ cents; May Soybean Meal at USD265.30, up USD2.70/ton; May Soybean Oil at USD40.04, up 12 points. The USDA's monthly supply and demand report pegged soybean ending stocks at 190 million bushels, slightly below the average trade guess of 209 million bushels. Soybean exports were forecast to reach 1.445 billion bushels, which would set a new record topping the 2008/09 record by 13%. South American production numbers keep increasing, with the USDA's attache in Brazil raising his soybean estimate to 67.25 MMT.
Corn
May Corn futures closed at USD3.45 ¾, down 2 ½ cents; December Corn futures finished at USD3.78 ¾, down 2 ½ cents. The USDA's monthly supply and demand report pegged corn ending stocks at 1.899 billion bushels, slightly below the average trade guess of 1.909 billion bushels. World corn production was raised 2 MMT from last month, with higher output expected from Brazil and South Africa with good growing conditions this past season. The USDA announced that Mexico had purchased 144,780MT of US corn today, split roughly 50:50 between old crop and new crop. China said it will sell 1 MMT of it's reserves in the NE of the country in an effort to contain rising domestic prices.
Wheat
May CBOT Wheat finished at USD4.65 ¾, down 3 ½ cents; May KCBT Wheat at USD4.83 ½, down 2 cents; May MGEX Wheat at USD5.01 ¼, down 2 ½ cents. The USDA's monthly supply and demand report lowered wheat ending stocks to 950 million bushels, compared to the average guess of 1.001 billion bushels. Higher domestic use and exports were responsible for the decline. World ending stocks were reduced by 1.0 MMT to 195.8 MMT. Commodity funds have sold an estimated 2,000 wheat contracts at CBOT today. Analysts estimate that wheat production in Texas could almost double, despite a 12% decline in winter wheat plantings, after a winter of abundant rainfall and near ideal growing conditions.
