CBOT Closing Comments


May Soybeans closed at USD9.52 ¾, up 1 ½ cents; May Soybean Meal at USD278.20, up USD1.80; May Soybean Oil at 38.10, down 3 points. Traders were evening up positions ahead of tomorrow's USDA report. Informa Economics estimate 2010 soybean acres at 78.5 million compared to the USDA's March estimate of 78.1 million. Planting progress for soybeans as of Sunday night was at 30%, in line with trade expectations, and well ahead of 19% for the five year average. Emergence was at 7% compared to 4% for the five year average.


May Corn closed at USD3.63, down 1 ¾ cents; December Corn futures were at USD3.86 ½, up ½ cent. Corn too was in consolidation mode ahead of tomorrow's USDA reports. Informa Economics pegged 2010 US corn acres at 89.6 million, higher than the USDA's March estimate of 88.941 million. Corn ending stocks for 2009/10 are expected to decrease to 1,865 million bushels from 1,899 previously. Corn planting progress was at 81% as of Sunday compared to the five year average of 62%. Emergence is at 39% versus 21% for the five year average.


Wheat was sharply lower with July CBOT Wheat at USD4.92 ¾, down 17 ¾ cents; July KCBT Wheat ended at USD5.08 down 13 cents; July MGEX Wheat closed at USD5.28, down 13 ½ cents. Informa peg this season's winter wheat crop at 1.466 billion bushels, 57 million bushels lower than 2009's production, but 14 million above April's USDA estimate. Stats Canada today reported all wheat stocks there at 15,684 MMT at the end of March, down 3.5% from a year ago and towards the low end of trade guesses. Spring wheat planting is at 67% complete, winter wheat at 40% headed - three points behind the five year average.