CBOT Closing Comments


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.


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.


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.