CBOT Closing Comments


May Soybeans closed Thursday's trading session at USD9.60 ½, up 1 cent; May Soybean Meal at USD284.40, up USD3.10; May Soybean Oil at 37.80, down 36 points. A firm dollar and weak crude oil kept prices on the defensive, with soon to expire May the only soybean month to close in positive territory. Weekly export sales were 474,616 MT - towards the low end of trade guesses, although China bought both old and new crop.


May Corn closed at USD3.66 ½, down 5 ¼ cents; December Corn ended at USD3.89, down 3 ½ cents. The USDA reported weekly export sales of 819,100 MT for 09/10 and 120,900 MT for 10/11. none of those were confirmed as being for China. Hot on the heels of that announcement however came the news that China had indeed bought 369,000 MT of US corn under the daily reporting system (where sales in excess of 100,000 MT must be reported immediately). There was also an additional 174,000 MT sold to unknown destinations.


July CBOT Wheat closed at USD4.79, down 12 ½ cents; July KCBT Wheat at USD4.96 ¾, down 10 ¼ cents; July MGEX Wheat ended at USD5.18 ¼, down 11 ¾ cents. Wheat export sales were 244,400 MT for 09/10 and 241,100 MT for 10/11, a little better than expectations of 300,000 to 400,000 MT. Japan also bought 142,000 MT in it's usual Thursday tender, of which 80,000 MT will come from the US. Strategie Grains cut their EU-27 soft wheat production estimate by 1.2 MMT, with lower output now seen in the north and west of Europe, and higher production in the east and south.