CBOT Closing Comments
Soybeans
May Soybeans closed at USD9.84, up 15 cents; May Soybean Meal at USD281.90, up USD7.60/ton; May Soybean Oil at USD40.07, up 21 points. Export sales of 158,000 MT for delivery in 2009/10 plus 293,200 MT for delivery in 2010/11 were in line with expectations for combined sales of 300,000 – 500,000 MT. China interestingly bought both old crop (66,200 MT) as well as new crop (288,500 MT). China will buy 44-45 MMT of soybeans this year, forecasters say. An ongoing trade spat with Argentina might mean that more of that will come from the US than had originally been anticipated.
Corn
May Corn futures closed at USD3.63 ¼, up 5 ¼ cents; December Corn futures were at USD3.94 ¼, up 5 cents. Export sales of 1,006,300 MT for delivery in 2009/10 and 140,900 MT for delivery in 2010/11 were above expectations for combined sales of 800,000 – 1,000,000 MT. An improved weather outlook across much of the Midwest should enable timely planting of corn. The USDA said it will collect updated 2009 corn crop data from the Dakotas, and update the numbers in the May 11 crop report as necessary.
Wheat
May CBOT Wheat closed at USD4.80 ¼, up 5 ½ cents; May KCBT Wheat at USD4.96 ½, up 6 cents; May MGEX Wheat at USD5.12, up 5 ½ cents. Short covering was feature today. Export sales of 101,100 MT for delivery in 2009/10 and 310,800 MT for delivery in 2010/11 were in line with expectations for total sales of 450,000 – 600,000 MT. Texas, Oklahoma and Kansas are expected to receive beneficial rainfall amounts up to 2 inches in most locations over the next five days.
May Soybeans closed at USD9.84, up 15 cents; May Soybean Meal at USD281.90, up USD7.60/ton; May Soybean Oil at USD40.07, up 21 points. Export sales of 158,000 MT for delivery in 2009/10 plus 293,200 MT for delivery in 2010/11 were in line with expectations for combined sales of 300,000 – 500,000 MT. China interestingly bought both old crop (66,200 MT) as well as new crop (288,500 MT). China will buy 44-45 MMT of soybeans this year, forecasters say. An ongoing trade spat with Argentina might mean that more of that will come from the US than had originally been anticipated.
Corn
May Corn futures closed at USD3.63 ¼, up 5 ¼ cents; December Corn futures were at USD3.94 ¼, up 5 cents. Export sales of 1,006,300 MT for delivery in 2009/10 and 140,900 MT for delivery in 2010/11 were above expectations for combined sales of 800,000 – 1,000,000 MT. An improved weather outlook across much of the Midwest should enable timely planting of corn. The USDA said it will collect updated 2009 corn crop data from the Dakotas, and update the numbers in the May 11 crop report as necessary.
Wheat
May CBOT Wheat closed at USD4.80 ¼, up 5 ½ cents; May KCBT Wheat at USD4.96 ½, up 6 cents; May MGEX Wheat at USD5.12, up 5 ½ cents. Short covering was feature today. Export sales of 101,100 MT for delivery in 2009/10 and 310,800 MT for delivery in 2010/11 were in line with expectations for total sales of 450,000 – 600,000 MT. Texas, Oklahoma and Kansas are expected to receive beneficial rainfall amounts up to 2 inches in most locations over the next five days.
