CBOT Closing Comments


CBOT July soybeans closed up 11 1/4 cents at USD9.46 1/4 a bushel; July soyoil closed up 0.15 cents at 36.90; CBOT July soymeal rose USD7.40 to USD289.70; China bought 40,000 MT of US soyoil overnight, which was supportive. However rumours persist of shipment cancellations from South America. Wet weather in the US is starting to raise some worries that maybe all the intended soy acres won't get planted.


July corn ended up 6 1/4 cents at USD.49 1/2; Dec corn closed up 6 1/2 cents at USD3.71. China was back buying US corn today, booking three cargoes of US corn for June/October delivery according to media reports. The USDA surprisingly cut ending stocks for 2009/10 and 2010/11 by much more than was anticipated yesterday. Demand from the ethanol sector was increased by 150 million bushels for old crop and 100 million for new crop.


CBOT July wheat closed up 7 1/2 cents at USD4.40 3/4 a bushel; KCBT July wheat jumped 4 1/2 cents to USD4.67; MGE July wheat ended up 11 1/2 cents at USD5.01 3/4. Appallingly wet weather means that the western Canadian seeded area for all wheat will be the smallest since 1971, according to the Canadian Wheat Board. Some farmers have taken to planting wheat by plane, underfoot conditions are so bad. In total, between 8.25 million and 12.5 million acres of farmland will go unseeded across the Prairies, the CWB said.