CBOT Closing Comments


May soybeans closed 12 1/2 cents lower at USD9.48/bushel; July soymeal ended USD4.60 lower at USD276.80; July soyoil settled 54 points lower at 37.51. NOPA reported a below average crush number of 131.7 million bushels for April. A weak crude oil market and firm dollar was also bearish. More wet weather will occur in the Midwest over the next 5 days, that may encourage some switching of corn acres into soybeans.


July corn closed at USD3.63 down 10 cents; December corn ended 9 cents lower at USD3.80. Private exporters announced the sale of 100,000 MT of US corn to Japan, who are apparently shopping for 2.7 MMT of corn for delivery this summer, according to media reports. Weak crude oil and ethanol prices are bearish for corn, as is the strong US dollar. Underlying Chinese interest looks like preventing prices from falling too much however.


CBOT July wheat ended down 7 1/2 cents at USD4.71 1/2; KCBT July wheat fell 5 3/4 cents to USD4.91. MGE July wheat declined 5 1/2 cents to USD5.12 3/4. Drier and warmer weather in the northern Plains should allow spring plantings to pick up. Kansas is getting much needed rain for their wheat crop. Condition ratings will be out Monday in the weekly crop progress report. Some significant hail damage was done this week to the top soft red wheat state of Ohio.