CBOT Closing Comments
Soybeans
May soybeans closed at USD9.69, up 1 cent; May soybean meal at USD274.30, down USD0.90/ton; May soybean oil at USD39.86, up 0.12 points. The NOPA crush report showed 149.627 million soybean bushels were crushed in March. The trade was estimating crush at between 149 to 152 million bushels. China's Ministry of Commerce increased its forecast for soybean imports in April to 4.3 MMT, from an earlier estimate of 3.6 MMT. There is also some talk of them needing to import even more soybeans in May due to an ongoing trade dispute with Argentina.
Corn
May corn futures closed at USD3.58, up 5 ½ cents; December corn futures at USD3.89 ¼, up 5 cents. Weather this weekend appears to remain favourable for corn planting in the eastern Corn Belt. Overnight wire reports of a 40,000 MT cargo of DDG’s trading to China out of the gulf brought the overnight session back off its lows and set the day session up for another round of aggressive buying by the funds. Weekly export sales estimates for tomorrow's USDA report range from 800,000 to 1,000,000 MT.
Wheat
May CBOT wheat finished at USD4.74 ¾, down 1 ¼ cents; May KCBT wheat at USD4.90 ½, down 2 ¼ cents; May MGEX wheat at USD5.06 ½, down 1 ¼ cents. Oklahoma and Kansas are expected to receive rain amounts up to 2 inches in most locations over the next five days. Wheat export estimates for tomorrow's USDA report range from 450,000 to 600,000 MT. the French government offices reduced 2009/10 wheat ending stocks 474,000 MT from its previous estimate based on higher exports.
May soybeans closed at USD9.69, up 1 cent; May soybean meal at USD274.30, down USD0.90/ton; May soybean oil at USD39.86, up 0.12 points. The NOPA crush report showed 149.627 million soybean bushels were crushed in March. The trade was estimating crush at between 149 to 152 million bushels. China's Ministry of Commerce increased its forecast for soybean imports in April to 4.3 MMT, from an earlier estimate of 3.6 MMT. There is also some talk of them needing to import even more soybeans in May due to an ongoing trade dispute with Argentina.
Corn
May corn futures closed at USD3.58, up 5 ½ cents; December corn futures at USD3.89 ¼, up 5 cents. Weather this weekend appears to remain favourable for corn planting in the eastern Corn Belt. Overnight wire reports of a 40,000 MT cargo of DDG’s trading to China out of the gulf brought the overnight session back off its lows and set the day session up for another round of aggressive buying by the funds. Weekly export sales estimates for tomorrow's USDA report range from 800,000 to 1,000,000 MT.
Wheat
May CBOT wheat finished at USD4.74 ¾, down 1 ¼ cents; May KCBT wheat at USD4.90 ½, down 2 ¼ cents; May MGEX wheat at USD5.06 ½, down 1 ¼ cents. Oklahoma and Kansas are expected to receive rain amounts up to 2 inches in most locations over the next five days. Wheat export estimates for tomorrow's USDA report range from 450,000 to 600,000 MT. the French government offices reduced 2009/10 wheat ending stocks 474,000 MT from its previous estimate based on higher exports.
