CBOT Closing Comments

Soybeans

May Soybeans closed at USD10.04 ¼, up 8 ¾ cents,; May Soybean Meal at USD.60, up USD2.60; May Soybean Oil at USD39.09, up 19 points. Soybean net sales of 308,600 MT for delivery in 2009/10 were up 95 percent from the previous week, China took 128,700 MT of that. There was also a sale of 60,000 MT for delivery in 2010/11 for China. Estimates for combined sales had ranged from 450,000 to 650,000 MT.

Corn

May Corn futures closed at USD3.62 ¼, up 3 cents; December Corn futures were at USD3.87 ¾, ¼ cents. Net weekly export sales of 1,481,000 MT for delivery in 2009/10, easily outstripped expectations for sales of between 850,000 and 1.1 MMT. Egypt also bought 120,000 MT of US corn this am. The IGC said that world production in the year ahead will rise by 6 MMT to 809 MMT, but a 13 MMT pick up in consumption sees ending stocks next season decline from 148 MMT to 140 MMT.

Wheat

May CBOT Wheat ended at USD4.98 ½, up 11 ½ cents; May KCBT Wheat at USD5.10 ½, up 10 ½ cents; May MGEX Wheat was at USD5.28 ¾, up 12 ¼ cents. Wheat net sales of 166,400 metric tons for delivery in 2009/10 were up 65 percent from the previous week. Net sales of 298,300 MT for delivery in 2010/11 were mainly for the Philippines (189,600 MT). Estimates were for combined sales of 350,000 to 500,000 MT.