CBOT Closing Comments


May Soybeans finished the day at USD9.59 ½, up 1 ¼ cents; May Soybean Meal ended at USD281.30, down USD1.00; May Soybean Oil was at 38.16, up 13 points. The USDA's weekly export sales numbers will be out tomorrow with trade estimates between 500,000 and 800,000 MT. The US soybean crop is off to a good start with plantings at 30% complete as of Sunday, compared to 15% last year and 19% for the 5-year average. A return to cooler and wetter conditions will hamper that progress this week.


May Corn closed at USD3.71 ¾, up 2 cents; Dec Corn was at USD3.92 ½, down ½ cent. Possible further US corn sales to China appeared to be confirmed when Chinese government-owned agency Cofco said it had bought six cargoes of US corn from Bunge overnight. Trade reports suggest that maybe up to 15 cargoes have been bought since the turn of the month. That makes tomorrow's USDA weekly export sales report quite interesting. Export estimates for that report range between 1,000,000 and 1,300,000 MT.


July CBOT Wheat closed at USD4.91 ½, down 1 ¾ cents; July KCBT Wheat was at USD5.07, down 2 ½ cents; July MGEX Wheat at USD5.30, down 3 ¼ cents. Wheat futures were sharply higher earlier in the session but closed towards the lower end of the days trading range. Trade estimates for tomorrow's weekly export sales report range from 300,000 to 400,000 MT. US winter wheat is not looking in great shape, despite positive crop condition ratings from the USDA. Yield potential in the top-producing state of Kansas was downgraded last week, and spring wheat planting in northern US states like ND is running late.