Chicago Closing Comments Monday

23/04/12 -- Soybeans: May 12 Soybeans closed at USD14.37 1/4, down 9 1/2 cents; Nov 12 Soybeans closed at USD13.41 1/2, down 14 1/2 cents; May 12 Soybean Meal closed at USD399.80, down USD6.20; May 12 Soybean Oil closed at 55.09, down 74 points. Funds had a change of heart after Friday's big rally, selling an estimate 5,000 soybean lots on the day, and so we moved lower.  Weekly US export inspections were disappointing at 12 million bushels, although another sale of 165,000 MT of old crop soybeans to unknown was supportive. After the close the USDA said that US spring soybean plantings are 6% complete versus the five year average of 2% at this time.

Corn: May 12 Corn closed at USD6.22 1/2, up 10 cents; Dec 12 Corn closed at USD5.45 1/2, up 8 3/4 cents. Corn and wheat gained on beans today, reversing Friday's trade. Funds were said to have bought around 10,000 contracts on the day. We still don't have any official confirmation of lat week's widely rumoured Chinese business, although the USDA today reported the sale of 120,000 MT of new crop corn  to unknown.  Weekly US export inspections were reported at over 29 million bushels, with 2.57 million heading for China. After the close the USDA said that US spring corn plantings are 28% complete versus 17% last week and 15% on the five year average.

Wheat: May 12 CBOT Wheat closed at USD6.25, up 9 1/4 cents; May 12 KCBT Wheat closed at USD6.34, up 8 cents; May 12 MGEX Wheat closed at USD7.91 3/4, up 3/4 cent. Wheat followed corn higher helped by weekly wheat export inspections of more than 24 million bushels, which was above trade estimates. After the close the USDA said that spring wheat planting is well advanced at 57% done, versus 37% last week and just 6% a year ago. Winter wheat conditions fell one point in the good/excellent category to 63%. Stats Canada are out tomorrow with their 2012 wheat planting estimate, the trade is expecting an increase in area of around 8-10%.