CBOT Closing Comments


May Soybeans closed at USD9.60, up 7 ¾ cents; May Soybean Meal at USD271.40, up USD6.10/ton; May Soybean Oil at USD39.59, down 45 points. China bought 120,000 MT of old crop beans. Considering that Brazil and Argentina are in full throw of harvesting new crop that seems pretty significant to me. Indeed I would say that it is very significant and signifies that nearby front-end premiums are her to stay for some time yet.


May Corn futures finished at USD3.48 ¼, up 2 ½ cents; December Corn futures were at USD3.80 ¾, up 2 cents. The crop progress report showed planting progress at 3% for the major 18 corn production states, that rating is 1% ahead of last year and 1% behind the five year average. "Very warm weather is predicted this week with maximum temperatures 5-10 F above normal. Abundant sunshine will be present most days with high pressure dominating," say Martell Crop Projections.


May CBOT Wheat closed at USD4.67 ¾, up 2 cents; May KCBT Wheat at USD4.84 ¼, up ¾ cent; May MGEX Wheat at USD5.02 ¼, up 1 cent. This afternoon's crop progress report posted winter wheat at 65% good/excellent, the same as last week and compared to 42% a year ago. World stocks are huge according to the USDA, and it seems unlikely therefore that we will see any serious appreciation in prices for the foreseeable future.