CBOT Closing Comments


May soybeans closed 1 1/4 cents lower at USD9.98 3/4 per bushel; July soymeal was USD2.00 higher at USD294.20; July soyoil finished 12 points lower at 39.74 cents per pound. Soybeans futures were about 9 cents higher at the opening, but gradually wore lower, weighed down by declining crude oil prices, a firm dollar and spillover weakness from wheat. Beans continue to perform quite well considering the record large South American harvest.


Corn futures opened around six cents higher but quickly slipped from those gains to close with May down 3/4 cent at USD3.52 1/4 per bushel, and July down 1 1/2 cents at USD3.59 1/2. The USDA said that corn planting is now 50% complete, compared to just 5% a year ago. Traders were expecting corn planting progress to come in around 45% complete on average with a range of 37% to 50%, in this afternoon's report. The five year average for the same time of year is 28%.


CBOT July wheat ended 17 1/2 cents lower at USD4.88; KCBT July wheat settled 15 1/2 cents lower at USD5.01; MGE July wheat finished 13 1/4 cents lower at USD5.25. Wheat export inspections came in close to only half of last week at 9.846 million bushels compared to 17.893 million bushels a week ago. Spring wheat planting progress at 43% is three times last years pace of 14%, and well up on the five year average of 27%. The winter wheat crop is rated the 69% good/excellent, unchanged from a week ago.