Chicago Closing Comments

14/03/12 -- Soybeans: Mar 12 Soybeans closed at USD13.56, up 7 1/4 cents; Nov 12 Soybeans closed at USD13.11, down 1/2 cent; Mar 12 Soybean Meal closed at USD362.00, down USD1.80; Mar 12 Soybean Oil closed at 54.51, down 1 point. The February NOPA crush was 136.35 million bushels, down 6.463 million from a month ago but up 11.466 million from a year ago and above expectations. Funds were said to have been net buyers of around 3,000 soybean contracts on the day. Trade estimates for tomorrow’s weekly export sales range from 650 to 900 thousand MT.

Corn: Mar 12 Corn closed at USD6.69 1/2, down 4 1/2 cents; Dec 12 Corn closed at USD5.64, down 3 1/2 cents. Funds were said to have been net sellers of around 6,000 contracts on the day. Apart from Tuesday's 240,000 MT of US corn sold to "unknown" there have been no further announcements of sales to either unknown or China this week. Tomorrow's weekly export sales are expected to be in the range of 600 and 850 thousand MT. The IGC sees the 2012/13 world corn crop at a record 880 MMT, from 864 MMT in 2011/12. Global consumption however is also seen rising to 884 MMT from 871 MMT.

Wheat: Mar 12 CBOT wheat closed at USD6.51 3/4, up 1/4 cent; Mar 12 KCBT Wheat closed at USD6.78 1/2, down 6 1/2 cents; Mar 12 MGEX Wheat closed at USD8.10 3/4, unchanged. Wheat continues to play follow the leader. Estimates for tomorrow's weekly export sales range from 400 to 600 thousand MT. The Ukraine Grain Association say that this season's grain exports will reach 22 MMT, the Ministry yesterday said 20-21 MMT compared to an earlier optimistic forecast of 25.4 MMT. US weather is seen as offering some decent moisture chances for winter wheat on the Great Plains whilst also affording some fieldwork progress in northern areas ahead of spring plantings.