CBOT Closing Comments

Soybeans

May Soybeans closed at USD9.58 ¼, up 5 ½ cents; May Soybean Meal at USD282.30, up USD4.10; May Soybean Oil at 38.03, down 7 points. the USDA left soybean ending stocks for 2009/10 the same as the April report at 190 million bushels, 10 million above the average trade guess. Ending stocks for 2010/11 are projected to climb substantially to 365 million bushels. Nearby demand remains strong with China seen importing record volumes of soybeans in May and June.

Corn

May Corn closed at USD3.69 ¾, up 6 ¾ cents; Dec Corn was at USD3.93, up 6 ½ cents. Ending stocks for both 2009/10 and 2010/11 crop years below analyst's estimates. Corn ending stocks for 2009/10 came in at 1.738 billion bushels, well below the 1.861 billion that the trade was expecting, and down sharply from last month's estimate of 1.899 billion. Ending stocks for 2010/11 were pegged at 1.818 billion, also lower than the 1.901 billion anticipated.

Wheat

July CBOT Wheat finished at USD4.93 ¼, up ½ cent; July KCBT Wheat was at USD5.09 ½, up 1 ½ cents; July MGEX Wheat at USD5.33 ¼, up 5 ¼ cents. US wheat ending stocks for 2009/10 were seen at 950 million bushels, in line with estimates of 946 million, but stocks at the end of 2010/11 are seen rising further to 997 million, significantly higher than the 953 million expected. Private exporters announced a sale of 111,710 MT of wheat for delivery in the 2010/11 marketing year this afternoon to an unknown destination.